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The Aggregate Production Function and the Measurement of Technical Change

Not Even Wrong

The Aggregate Production Function and the Measurement of Technical Change by J. Felipe
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This authoritative and stimulating book represents a fundamental critique of the aggregate production function, a concept widely used in macroeconomics. The authors explain why, despite the serious aggregation problems that surround it, aggregate production functions often give plausible statistical results. This is due to the use of constant-price value data, rather than the theoretically correct physical data, together with an underlying accounting identity that relates the data definitionally. It is in this sense that the aggregate production function is 'not even wrong': it is not a behavioural relationship capable of being statistically refuted. The book examines the history of the production function and shows how certain seminal works on neoclassical growth theory, labour demand functions and estimates of the mark-up, among others, suffer from this fundamental problem. The book represents a fundamental critique of the aggregate production function and will be of interest to all macroeconomists.
Edward Elgar Publishing; December 2013
400 pages; ISBN 9781782549680
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Title: The Aggregate Production Function and the Measurement of Technical Change
Author: J. Felipe; J.S.L. McCombie
 
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ISBNs
1782549684
9781782549680
9781840642551