Economics Dictionary of ArgumentsHome
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| Aggregate capital: Aggregate capital refers to the total stock of physical, financial, and human capital in an economy used for production. It includes machinery, infrastructure, and investments. In capital theory debates, its measurement is controversial due to issues like heterogeneity and reswitching, challenging the validity of aggregate production functions. See also Production function, Aggregate production function._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Geoffrey C. Harcourt on Aggregate Capital - Dictionary of Arguments
Harcourt I 6 Aggregate Capital/Aggregate Production Function/Solow/Arrow/Harcourt: Aggregate production functions which invoke the concept of aggregate capital have been used not only in the pure theory of value, distribution and growth, but also in the early post-war econometric studies of productivity growth over time, and of the possibilities of capital-labour substitution in economies and individual industries. >Value- and distribution theory, >Economic growth. Two of the most influential of these studies are Solow [1957](1) and Arrow, Chenery, Minhas and Solow (ACMS) [1961](2). >Capital structure, >Production function. Harcourt I 25 Aggregate production function/Robinson/Harcourt: The costing and valuation process is repeated for all equipments, ws and rs and then the relationship between output per head and real capital is plotted to give Joan Robinson's version of the aggregate production function - her pseudo-production function - which has (…) a rather bizarre appearance relative to the smooth curves of the textbooks. >Production function/Robinson. 1. Solow. R. M. 1957] 'Technical Change and the Aggregate Production Function', Review of economics and Statistics, xxxix, pp. 312-20. 2. Arrow, Kenneth J., Chenery, Hollis B., Minhas, Bagicha S., and Solow, Robert M. [1961] 'Capital-Labor Substitution and Economic Efficiency', Review of Economics and Statistics, XLIII, pp. 225-50._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Harcourt I Geoffrey C. Harcourt Some Cambridge controversies in the theory of capital Cambridge 1972 |
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