Format:
1 Online-Ressource (vii, 388 Seiten)
,
Diagramme
ISBN:
9781782549680
Content:
'This is an extremely important and long-awaited book. The authors provide a cogent guide to all that is wrong with the theory and empirical applications of the discredited notion of an aggregate production function. Their critique has devastating implications for orthodox macroeconomics.' (Anwar Shaikh, New School for Social Research, US). --
Content:
'"There are none so blind as those who will not see." For decades now John McCombie and Jesus Felipe have been publishing papers which draw out the implications of the conceptual vacuousness that characterises fitting aggregate production function specifications to data to test the validity of the marginal productivity theory of distribution, a critique first developed by Henry Phelps Brown and Herbert Simon. By careful empirical and theoretical work, they have reached the conclusion that the huge literature on aggregate production functions and technical progress is "not even wrong" because predictions cannot be tested, that they are only variations on manipulations of national accounting identities. Perhaps this time it really will be "different", the scales will fall from the profession's eyes. I certainly hope so.' (G.C. Harcourt, Jesus College, Cambridge, UK and University of New South Wales, Australia). --
Content:
'This is a very important book. Proofs that aggregate production functions do not exist have been around for more than 50 years. This casts doubt not only on macroeconomic theory but also on empirical work and policy. Yet, this has not deterred macro-economists. The authors show in great detail that the apparent "fit" of such functions to value-based data is a tautology and not a proof that such aggregates exist. One hopes that the profession will finally take note.' (Franklin M. Fisher, Massachusetts Institute of Technology, US). --
Additional Edition:
Erscheint auch als Druck-Ausgabe, Hardcover ISBN 9781840642551
Additional Edition:
Erscheint auch als Druck-Ausgabe, Paperback ISBN 9781782549673
Language:
English
Subjects:
Economics
Keywords:
Wirtschaftstheorie
;
Produktionsfunktion
DOI:
10.4337/9781782549680
URL:
Deutschlandweit zugänglich
URL:
Deutschlandweit zugänglich
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