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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Franklin M. Fisher on Aggregate Capital - Dictionary of Arguments
Harcourt I 173 Aggregate capital/Franklin M. Fisher/Harcourt: [In his] Irving Fisher Lecture, F. M. Fisher [1969](1), in which he surveys the current state of knowledge about capital aggregates. Harcourt I 174 „In short, it seems to me important to worry about aggregation and production functions because production functions are themselves important. They, and their implications, play central roles not only in empirical work but in theoretical analysis. Just because it is possible to use aggregate production functions for grand statements about long-run growth and technical change, it is important to be careful about the foundation for such statements. At present, that foundation seems solid only insofar as relatively small changes are concerned. The analyses which I have here summarized have convinced me that there is at least need for great caution in this area.“ Solow/Harcourt: It may be recalled that Solow's seminal article, Solow [1957](2), p. 312, called for „more than the usual "willing suspension of disbelief" to talk seriously of the aggregate production function'. That suspension has clearly led to very fruitful results. I am, however, finding it increasingly difficult to maintain. The conditions for the existence of aggregate production functions, at least when widely diverse industries are included, seem very, very strong“.(p. 576.) >Aggregate production function, >Cobb-Douglas production function/F. M. Fisher, >CES production function/F. M. Fisher. 1.F.M.Fisher [1969] 'The Existence of Aggregate Production Functions', Econometrica, xxxvn, pp. 553-77. 2. Solow, R. M. [1957] 'Technical Change and the Aggregate Production Function', Review of economics and Statistics, xxxix, pp. 312-20._____________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. |
F.M. Fisher I Franklin M. Fisher Disequilibrium Foundations of Equilibrium Economics (Econometric Society Monographs) Cambridge 1989 Harcourt I Geoffrey C. Harcourt Some Cambridge controversies in the theory of capital Cambridge 1972 |
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