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Linear Theories of Production

In: Microeconomics

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  • R. Shone

    (University of Sheffield)

Abstract

In this chapter we shall use the concepts of production discussed in the previous chapter to elaborate on three linear approaches to the firm and the economy. This will be done in two stages. First, we shall concentrate on the firm and consider what light we can shed on a firm’s behaviour. Second, we shall consider the input-output behaviour of the economy as a whole. The three models are the Ricardian model, the input-output model (or Leontief model), and the activity model. The essential difference between these three models is a matter of degree only, and rests on the interpretation of Axiom 20, i.e. on the finite set of activities. The Ricardian and input-output model have only one activity whilst the activity model has at least two, but still finite number of, activities.

Suggested Citation

  • R. Shone, 1975. "Linear Theories of Production," Palgrave Macmillan Books, in: Microeconomics, chapter 6, pages 153-182, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-15593-4_6
    DOI: 10.1007/978-1-349-15593-4_6
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