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Synopsis
Aggregation lies at the heart of macroeconomics. Economists using such aggregates as capital, investment, labor, and even output or GNP assume that such constructions have a sound analytic foundation. The question of the existence of aggregate production functions is not only part of the foundation of macroeconomic theory and policy but also played a central role in the "Cambridge vs. Cambridge" debate, which challenged long-held assumptions about the foundations of neoclassical microeconomics.
In this third collection of his essays Franklin M. 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.
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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.
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Aggregation: Aggregate Production Functions and Related Topics (Mit Press)
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Aggregation: Aggregate Production Functions and Related Topics. Collected Papers of Franklin M. Fisher. Edited by John Monz.
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Cambridge & London: MIT Press, 1993., 1993
ISBN 10: 026206152X
ISBN 13: 9780262061520
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Hardcover. Condition: Near Fine. Dust Jacket Condition: Near Fine. 1st Edition. xxiv, 280 pp; errata slip. Original cloth. Near Fine, in near fine dust jacket. 'Aggregation lies at the heart of macroeconomics. Economists using such aggregates as capital, investment, labor, and even output or GNP assume that such constructions have a sound analytic foundation. The question of the existence of aggregate production functions is not only part of the foundation of macroeconomic theory and policy but also played a central role in the 'Cambridge vs. Cambridge'debate, which challenged long-held assumptions about the foundations of neoclassical microeconomics. In this third collection of his essays Franklin M. 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' (MIT Press Web site). Seller Inventory # 17724
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Aggregation: Aggregate Production Functions and Related Topics
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