Why the data tell us nothing about the importance of increasing returns to scale and externalities to capital
It has long been known that, because of aggregation problems and the Cambridge Capital Theory Controversies, the aggregate production function cannot theoretically exist. Nevertheless, the concept is still widely and uncritically used, presumably because it gives good statistical fits to the data wi...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Universidade Estadual de Campinas
2008-12-01
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| Series: | Economia e Sociedade |
| Online Access: | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0104-06182008000400007 |