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aggregate production function

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Journal Article
History of Political Economy (2009) 41 (Suppl_1): 127–146.
Published: 01 December 2009
...Marcel Boumans This article aims to show the mathematical contexts out of which emerged Solow's 1957 article “Technical Change and the Aggregate Production Function.” In particular, it seeks to provide some understanding of its most striking feature, namely, the highly aggregate level on which...
Journal Article
History of Political Economy (2009) 41 (Suppl_1): 47–66.
Published: 01 December 2009
...Mauro Boianovsky This article investigates original contributions made by Swedish economists to the interpretation of the process of economic growth. Knut Wicksell studied the optimal capital accumulation path and applied the aggregate production function approach to growth with land scarcity...
Journal Article
History of Political Economy (2009) 41 (Suppl_1): 285–303.
Published: 01 December 2009
... macroeconomic increasing returns reveals the limitations of models that assume an aggregate production function exhibiting constant returns to scale while “augmented” by exogenous technical progress. His endogenously self-sustaining growth paradigm is also shown to differ in important respects (including in its...
Journal Article
History of Political Economy (2019) 51 (3): 579–599.
Published: 01 June 2019
...Aurélien Saïdi In a 1957 paper, Robert Solow exploited the mathematical properties of the aggregate production function to isolate the role of disembodied “technical change” in economic growth. Solow’s method allowed economists to disentangle the role of technical change from that of production...
Journal Article
History of Political Economy (2009) 41 (Suppl_1): 334–355.
Published: 01 December 2009
...Tiago Mata; Francisco Louçã Robert Solow's “Technical Change and the Aggregate Production Function” (1957) has had an enduring influence on macroeconomics. In this article, we examine the history of fluctuations in growth theory through the story of the “Solow residual” as a “black box.” We show...
Journal Article
History of Political Economy (1990) 22 (1): 167–172.
Published: 01 March 1990
.... Smolensky. 1964 . Aggregate supply and demand analysis . New York: Harper & Row. de Jong , F. J. 1954a . Supply functions in Keynesian economics. Economic Journal 64 ( March ): 3 -24. de Jong , F. J. 1954b . Rejoinder. Economic Journal 64 ( December ): 840 -41. de Jong...
Journal Article
History of Political Economy (1977) 9 (1): 156–159.
Published: 01 March 1977
... technicians or traditional entre- preneurs, albeit followers rather than Schumpeterian leaders. University of Nottingham A. W. COATS THE AGGREGATE SUPPLY FUNCTION: A CORRECTION’ By Don Patinkin In my recent essay in this...
Journal Article
History of Political Economy (1978) 10 (4): 577–596.
Published: 01 November 1978
... function (where W is the wage- unit and W.2, = 2). Then, since the proceeds of the marginal product is equal to the marginal factor-cost at every point on the aggregate supply curve, we have AN = AAw - AUw = AZw = A+(N), that is to say 4‘(N) = 1; provided that...
Journal Article
History of Political Economy (2002) 34 (2): 321–364.
Published: 01 June 2002
... immediatelyfollow. First, the equilibrium level of output maywell be less than the full employment level, shown in the figure by Yf (determined bylabor demand and sup- plycurves and the production function; the labor supplycurve has not been included in the model). Second, if the moneywage falls when there is...
Journal Article
History of Political Economy (2020) 52 (4): 621–652.
Published: 01 August 2020
... Economic Growth .” Quarterly Journal of Economics 70 , no. 1 ( Feb. ): 65 – 94 . Solow Robert M. 1957 . “ Technical Change and the Aggregate Production Function .” Review of Economics and Statistics 39 , no. 3 ( Aug. ): 312 – 20 . Solow Robert M. 1958 . “ A Skeptical Note...
Journal Article
History of Political Economy (1980) 12 (1): 29–40.
Published: 01 March 1980
... which competitive branches or firms expand or contract entitles him to use linearly homogeneous production functions on both micro and macro levels. Other rela- tions, too, “apply both individually and universally,” and sometimes it is difficult to grasp what level of aggregation he has in...
Journal Article
History of Political Economy (2016) 48 (2): 307–340.
Published: 01 June 2016
...Mauro Boianovsky Knut Wicksell discussed in his 1893 Value, Capital, and Rent , as part of a critical comment on Launhardt and Jevons, conditions for consistent aggregation. He argued that Jevons's “trading body” concept was only valid if identical linear marginal utility functions (with ensuing...
Journal Article
History of Political Economy (1978) 10 (4): 549–576.
Published: 01 November 1978
...- nite meaning, we can evaluate 2, = Ar(Nr) in the ordinary way [PP 44-45] .5 This passage of Keynes’ is easily interpreted if we assume that user cost is zero and that an aggregate production function Q = $(N) exists which relates each possible quantity of labor input to a unique...
Journal Article
History of Political Economy (2006) 38 (Suppl_1): 189–212.
Published: 01 December 2006
... production by introducing “tickets.”8 The latter are notional production plans at disequilibrium prices that are com- municated but not actually carried out. Accordingly, prices are adjusted sequentially in the direction of aggregate excess demand, again assuming that indirect price effects cancel...
Journal Article
History of Political Economy (1974) 6 (2): 162–164.
Published: 01 June 1974
... supply schedule of labor to the “demand relationship.” To recapitulate, Wells is certainly correct in observing that Keynes, in The General Theory, never wrote about, or thought in terms of, an aggregate production function q = f(N) whose derivative with respect to labor services could be...
Journal Article
History of Political Economy (1974) 6 (2): 158–162.
Published: 01 June 1974
... curve of marginal productivity plays in Keynes’ system. HI Keynes’ employment function is most easily developed by way of his aggregate supply function. To derive this latter relation, let w denote the given money wage rate, and N, My A, X, P, y8, and...
Journal Article
History of Political Economy (1976) 8 (3): 428–434.
Published: 01 September 1976
... rate.” On p. 164, Weintraub agrees that “Wells is certainly correct in observing that Keynes, in The General Theory, never wrote about, or thought in terms of, an aggregate production function 9 = f(N) whose derivative with respect to labor services could be set equal to the real wage...
Journal Article
History of Political Economy (1974) 6 (2): 164–170.
Published: 01 June 1974
... Keynes, in The General Theory, never wrote about, or thought in terms of, an aggregate production function q = f(N) whose derivative with respect to labor services could be set equal to the real wage to give a demand curve for labor like w/p = f(N) = MPL. Wells’ equations, his embodiment of...
Journal Article
History of Political Economy (2019) 51 (3): 493–513.
Published: 01 June 2019
... . Brumberg Richard E. 1956 . “ An Approximation to the Aggregate Saving Function ”. Economic Journal 66 ( 261 ): 66 – 72 . Cagan Phillip . 1956 . “ The Monetary Dynamics of Hyperinflation ”. In Studies in the Quantity Theory of Money , edited by Friedman Milton , 25 – 117...
Journal Article
History of Political Economy (1992) 24 (1): 153–181.
Published: 01 March 1992
.... Copyright © 1992 by Duke University Press 1992 References Bassie , V. L. 1946 . Consumers' Expenditures in War and Transition. Review of Economic Statistics 28 . 3 ( August ): 121 -29. Blinder , A. S. 1975 . Distribution Effects and the Aggregate Consumption Function. Journal of...