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Approximate surrogate production functions

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  • Bertram Schefold

Abstract

The Cambridge debate showed that an aggregation of capital is not possible in general. A recent investigation has found one example for reswitching and several for reverse capital deepening, but the paradoxes appear to be infrequent. The paper provides a theoretical justification of this result and shows how wage curves of input–output matrices with small non-dominant eigenvalues become quasi-linear with some numéraires. Large random systems lead to the genesis of such states. Approximate surrogate production functions then seem possible. A family of economic systems with constant capital composition allows construction of a surrogate production function. Copyright , Oxford University Press.

Suggested Citation

  • Bertram Schefold, 2013. "Approximate surrogate production functions," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 37(5), pages 1161-1184.
    • Handle: RePEc:oup:cambje:v:37:y:2013:i:5:p:1161-1184
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    File URL: http://hdl.handle.net/10.1093/cje/bes056
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