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Aggregation: Aggregate Production Functions and Related Topics

Editor

Listed:
  • Franklin M. Fisher
    (Massachusetts Institute of Technology (Emeritus))

  • John Monz

Abstract

Aggregation lies at the heart of macroeconomics. Economists using such aggregates as capital, investment, labor, and even output or GNP assume that such constructions have a sound analytic foundation. The question of the existence of aggregate production functions is not only part of the foundation of macroeconomic theory and policy but also played a central role in the "Cambridge vs. Cambridge" debate, which challenged long-held assumptions about the foundations of neoclassical microeconomics. In this third collection of his essays, Franklin M. Fisher settles the question of the conditions for the existence of aggregate production functions. He examines the conditions for approximate aggregation and, through simulation experiments, considers why aggregate production functions appear to work in practice. He also explores related topics involving price aggregation and aggregation in international trade.

Suggested Citation

  • Franklin M. Fisher & John Monz (ed.), 1992. "Aggregation: Aggregate Production Functions and Related Topics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262561832, April.
    • Handle: RePEc:mtp:titles:0262561832
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    Citations

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    Cited by:

    1. Jonathan Temple & Ludger Wößmann, 2006. "Dualism and cross-country growth regressions," Journal of Economic Growth, Springer, vol. 11(3), pages 187-228, September.
    2. Robert H. McGuckin & Kevin Stiroh, 2000. "Computers and Productivity: Are Aggregation Effects Important?," Economics Program Working Papers 00-03, The Conference Board, Economics Program.

    More about this item

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • F1 - International Economics - - Trade

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