Aggregation: Aggregate Production Functions and Related Topics - Hardcover

Fisher, Franklin M.

Hardcover

ISBN 10: 0745011446 ISBN 13: 9780745011448

Publisher: Prentice-Hall, 1992

Synopsis

Aggregation lies at the heart of macroeconomics. The use of such aggregates as capital, investment, labour and even output or GNP presupposes that such constructions have a sound analytic foundation. Hence, the question of the existence of aggregate production functions goes to the foundations of macroeconomic theory and policy. Moreover, it played a central role in the famous "Cambridge versus Cambridge" debate, thought by one side to involve the foundations of neoclassical microeconomics. In this book, Franklin 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.

About this title

About the Author

Franklin M. Fisher is Jane Berkowitz Carlton and Dennis William Carlton Professor of Microeconomics, Emeritus, at MIT. He was the lead expert economist for the defense, assisted by John J. McGowan and Joen E. Greenwood of Charles River Associates, in the major antitrust case U.S. v. IBM. His collected essays have been published in Econometrics: Essays in Theory and Applications and in Industrial Organization, Economics and the Law.

Edition details

• Publisher: Prentice-Hall
• Publication date: 1992
• Language: English
• ISBN 10: 0745011446
• ISBN 13: 9780745011448
• Binding: Hardcover
• Number of pages: 320