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Literatur zur Politischen Ökonomie
Folgende Dokumente wurden in der Mehrwert & Co. Datenbank gefunden:
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1. Aufsatz
Dokument in die Merkliste Dokument in den Download-Korb
Referenz:
Shaikh (1974): Laws of Production and Laws of Algebra
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Titel:
Laws of Production and Laws of Algebra
Untertitel:
The Humbug Production Function
in:
Jahr:
1974
Jg.:
56
H.:
1
pp.:
115-120
s. Dokument:
Deskribierung:
Inhalt:
It has been conceded in recent literature that the theoretical basis of aggregate production functions is, at best, weak. At the same time, the empirical basis has generally been presented as being strong. In particular, the striking dominance of the constant returns to scale Cobb-Douglas function, with estimated marginal products in close agreement with "factor rewards," has often been taken as providing a good measure of support for production function analysis, in spite of the theory. The main purpose of this paper has been to show that the empirical results do not in fact have much to do with production conditions at all. Instead, it is demonstrated that when the distribution data (wages and profits) exhibit constant shares, there exist broad classes of production data (Output, capital, and labor) which can always be related to each other through a functional form which is mathematically identical to a Cobb-Douglas with constant "returns to scale," "neutral technical change," and "marginal products equal to factor rewards." Since the above is a mathematical consequence of constant shares, true even for very implausible production data (such as the Humbug economy of section III, B), it is argued that the so-called empirical strength of production function analysis is in reality nothing more than a statistical reflection of the (unexplained) constancy of income shares.


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