The Aggregate Production Function and the Measurement of Technical Change: ‘Not Even Wrong’

Authors

  • Wolfgang Eichert Institute of Economics Economics Club Graz University of Graz, Austria

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’. Applied Economics Journal, 21(2), 100–104. Retrieved from https://so01.tci-thaijo.org/index.php/AEJ/article/view/57247

Issue

Section

Book Reviews