1. How Sound Are The Foundations Of The Aggregate Production Function?
How Sound are the Foundations of the Aggregate Production Function? Abstract: The aggregate production function has been subject to a number of criticisms ever since its first empirical estimation by Cobb and Douglas in the 1920s, ... or not this is a useful concept is an empirical question to which I believe an empirical answer can be given. This is the faith I have but which is not shared by Mrs Robinson. Perhaps it would be better to say that the aggregate analogies provide working hypotheses for econometricians." (Ferguson, 1971.) Thus, Ferguson is implicitly arguing that although the ne...
- Word Count: 11086
- Approx Pages: 44
- Has Bibliography
- Grade Level: Undergraduate