The Aggregate Production Function and the Measurement of Technical Change: ‘Not Even Wrong’
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Abstract
Although commonly used in economic research, the concept of the aggregate production function is extremely problematic. First, it lacks sound theoretical foundations, and second, its use in applied work faces the insurmountable problem that the output and input data used are linked through an accounting identity. This book discusses these flaws using examples from well-known applications in the literature.
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How to Cite
Eichert, W. (2016). The Aggregate Production Function and the Measurement of Technical Change: ‘Not Even Wrong’. Asian Journal of Applied Economics, 21(2), 100–104. Retrieved from https://so01.tci-thaijo.org/index.php/AEJ/article/view/57247
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Book Reviews
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