The aggregate production function and the measurement of technical change: 'not even wrong'
'This is an extremely important and long-awaited book. The authors provide a cogent guide to all that is wrong with the theory and empirical applications of the discredited notion of an aggregate production function. Their critique has devastating implications for orthodox macroeconomics.'...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Cheltenham, U.K ; Northampton, MA, USA
Edward Elgar
2013
|
| Schlagworte: | |
| Online-Zugang: | DE-12 DE-1043 DE-1046 DE-573 DE-M347 DE-898 DE-859 DE-860 DE-861 DE-863 DE-862 DE-Re13 DE-91 DE-384 DE-473 DE-19 DE-355 DE-703 DE-20 DE-706 DE-824 DE-29 DE-739 |
| Zusammenfassung: | 'This is an extremely important and long-awaited book. The authors provide a cogent guide to all that is wrong with the theory and empirical applications of the discredited notion of an aggregate production function. Their critique has devastating implications for orthodox macroeconomics.' (Anwar Shaikh, New School for Social Research, US). -- '"There are none so blind as those who will not see." For decades now John McCombie and Jesus Felipe have been publishing papers which draw out the implications of the conceptual vacuousness that characterises fitting aggregate production function specifications to data to test the validity of the marginal productivity theory of distribution, a critique first developed by Henry Phelps Brown and Herbert Simon. By careful empirical and theoretical work, they have reached the conclusion that the huge literature on aggregate production functions and technical progress is "not even wrong" because predictions cannot be tested, that they are only variations on manipulations of national accounting identities. Perhaps this time it really will be "different", the scales will fall from the profession's eyes. I certainly hope so.' (G.C. Harcourt, Jesus College, Cambridge, UK and University of New South Wales, Australia). -- 'This is a very important book. Proofs that aggregate production functions do not exist have been around for more than 50 years. This casts doubt not only on macroeconomic theory but also on empirical work and policy. Yet, this has not deterred macro-economists. The authors show in great detail that the apparent "fit" of such functions to value-based data is a tautology and not a proof that such aggregates exist. One hopes that the profession will finally take note.' (Franklin M. Fisher, Massachusetts Institute of Technology, US). -- |
| Beschreibung: | 1 Online-Ressource (vii, 388 Seiten) Diagramme |
| ISBN: | 9781782549680 |
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| 520 | 3 | |a '"There are none so blind as those who will not see." For decades now John McCombie and Jesus Felipe have been publishing papers which draw out the implications of the conceptual vacuousness that characterises fitting aggregate production function specifications to data to test the validity of the marginal productivity theory of distribution, a critique first developed by Henry Phelps Brown and Herbert Simon. By careful empirical and theoretical work, they have reached the conclusion that the huge literature on aggregate production functions and technical progress is "not even wrong" because predictions cannot be tested, that they are only variations on manipulations of national accounting identities. Perhaps this time it really will be "different", the scales will fall from the profession's eyes. I certainly hope so.' (G.C. Harcourt, Jesus College, Cambridge, UK and University of New South Wales, Australia). -- | |
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| id | DE-604.BV046694891 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T14:26:15Z |
| indexdate | 2024-08-05T08:22:53Z |
| institution | BVB |
| isbn | 9781782549680 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-032105574 |
| oclc_num | 905638726 |
| open_access_boolean | |
| owner | DE-12 DE-634 DE-1043 DE-1046 DE-573 DE-M347 DE-898 DE-BY-UBR DE-859 DE-860 DE-861 DE-863 DE-BY-FWS DE-862 DE-BY-FWS DE-Re13 DE-BY-UBR DE-91 DE-BY-TUM DE-384 DE-473 DE-BY-UBG DE-19 DE-BY-UBM DE-355 DE-BY-UBR DE-703 DE-20 DE-706 DE-824 DE-29 DE-739 |
| owner_facet | DE-12 DE-634 DE-1043 DE-1046 DE-573 DE-M347 DE-898 DE-BY-UBR DE-859 DE-860 DE-861 DE-863 DE-BY-FWS DE-862 DE-BY-FWS DE-Re13 DE-BY-UBR DE-91 DE-BY-TUM DE-384 DE-473 DE-BY-UBG DE-19 DE-BY-UBM DE-355 DE-BY-UBR DE-703 DE-20 DE-706 DE-824 DE-29 DE-739 |
| physical | 1 Online-Ressource (vii, 388 Seiten) Diagramme |
| psigel | ZDB-1-EWE |
| publishDate | 2013 |
| publishDateSearch | 2013 |
| publishDateSort | 2013 |
| publisher | Edward Elgar |
| record_format | marc |
| spellingShingle | Felipe, Jesus ca. 20./21. Jh McCombie, John S. L. 1950- The aggregate production function and the measurement of technical change 'not even wrong' Wirtschaftstheorie (DE-588)4079351-5 gnd Produktionsfunktion (DE-588)4047354-5 gnd |
| subject_GND | (DE-588)4079351-5 (DE-588)4047354-5 |
| title | The aggregate production function and the measurement of technical change 'not even wrong' |
| title_auth | The aggregate production function and the measurement of technical change 'not even wrong' |
| title_exact_search | The aggregate production function and the measurement of technical change 'not even wrong' |
| title_exact_search_txtP | The aggregate production function and the measurement of technical change 'not even wrong' |
| title_full | The aggregate production function and the measurement of technical change 'not even wrong' Jesus Felipe, advisor in the office of the chief economist, economics and research department, Asian Development Bank, Manila, Philippine and John S.L. McCombie, professor of regional and applied economies and director, Cambridge Centre for Economic and Public Policy, department of land economy, University of Cambridge and fellow of Downing College, Cambridge, UK |
| title_fullStr | The aggregate production function and the measurement of technical change 'not even wrong' Jesus Felipe, advisor in the office of the chief economist, economics and research department, Asian Development Bank, Manila, Philippine and John S.L. McCombie, professor of regional and applied economies and director, Cambridge Centre for Economic and Public Policy, department of land economy, University of Cambridge and fellow of Downing College, Cambridge, UK |
| title_full_unstemmed | The aggregate production function and the measurement of technical change 'not even wrong' Jesus Felipe, advisor in the office of the chief economist, economics and research department, Asian Development Bank, Manila, Philippine and John S.L. McCombie, professor of regional and applied economies and director, Cambridge Centre for Economic and Public Policy, department of land economy, University of Cambridge and fellow of Downing College, Cambridge, UK |
| title_short | The aggregate production function and the measurement of technical change |
| title_sort | the aggregate production function and the measurement of technical change not even wrong |
| title_sub | 'not even wrong' |
| topic | Wirtschaftstheorie (DE-588)4079351-5 gnd Produktionsfunktion (DE-588)4047354-5 gnd |
| topic_facet | Wirtschaftstheorie Produktionsfunktion |
| work_keys_str_mv | AT felipejesus theaggregateproductionfunctionandthemeasurementoftechnicalchangenotevenwrong AT mccombiejohnsl theaggregateproductionfunctionandthemeasurementoftechnicalchangenotevenwrong |