The Aggregate Production Function and Solow's "Three Denials"

This paper offers a retrospective view of the key pillar of Solow’s neoclassical growth model, namely the aggregate production function. We review how this tool came to life and how it has survived until today, despite three criticisms that undermined its raison d’être. They are the Cambridge Capita...

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Main Authors: Felipe, Jesus, McCombie, John
Format: text
Published: Animo Repository 2024
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Online Access:https://animorepository.dlsu.edu.ph/res_aki/193
https://animorepository.dlsu.edu.ph/context/res_aki/article/1196/viewcontent/DLSU_AKI_Working_Paper_Series_2024_03_092.pdf
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Institution: De La Salle University
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spelling oai:animorepository.dlsu.edu.ph:res_aki-11962024-03-20T00:09:44Z The Aggregate Production Function and Solow's "Three Denials" Felipe, Jesus McCombie, John This paper offers a retrospective view of the key pillar of Solow’s neoclassical growth model, namely the aggregate production function. We review how this tool came to life and how it has survived until today, despite three criticisms that undermined its raison d’être. They are the Cambridge Capital Theory Controversies, the Aggregation Problem, and the Accounting Identity. These criticisms were forgotten by the profession, not because they were wrong but because of the key role played by Robert Solow in the field. Today, these criticisms are not even mentioned when students are introduced to (neoclassical) growth theory, which is presented in most economics departments and macroeconomics textbooks as the only theory worth studying. 2024-03-01T08:00:00Z text application/pdf https://animorepository.dlsu.edu.ph/res_aki/193 https://animorepository.dlsu.edu.ph/context/res_aki/article/1196/viewcontent/DLSU_AKI_Working_Paper_Series_2024_03_092.pdf Angelo King Institute for Economic and Business Studies (AKI) Animo Repository Accounting Identity, Aggregation Problem, Cambridge Capital Theory Controversies, Solow
institution De La Salle University
building De La Salle University Library
continent Asia
country Philippines
Philippines
content_provider De La Salle University Library
collection DLSU Institutional Repository
topic Accounting Identity, Aggregation Problem, Cambridge Capital Theory Controversies, Solow
spellingShingle Accounting Identity, Aggregation Problem, Cambridge Capital Theory Controversies, Solow
Felipe, Jesus
McCombie, John
The Aggregate Production Function and Solow's "Three Denials"
description This paper offers a retrospective view of the key pillar of Solow’s neoclassical growth model, namely the aggregate production function. We review how this tool came to life and how it has survived until today, despite three criticisms that undermined its raison d’être. They are the Cambridge Capital Theory Controversies, the Aggregation Problem, and the Accounting Identity. These criticisms were forgotten by the profession, not because they were wrong but because of the key role played by Robert Solow in the field. Today, these criticisms are not even mentioned when students are introduced to (neoclassical) growth theory, which is presented in most economics departments and macroeconomics textbooks as the only theory worth studying.
format text
author Felipe, Jesus
McCombie, John
author_facet Felipe, Jesus
McCombie, John
author_sort Felipe, Jesus
title The Aggregate Production Function and Solow's "Three Denials"
title_short The Aggregate Production Function and Solow's "Three Denials"
title_full The Aggregate Production Function and Solow's "Three Denials"
title_fullStr The Aggregate Production Function and Solow's "Three Denials"
title_full_unstemmed The Aggregate Production Function and Solow's "Three Denials"
title_sort aggregate production function and solow's "three denials"
publisher Animo Repository
publishDate 2024
url https://animorepository.dlsu.edu.ph/res_aki/193
https://animorepository.dlsu.edu.ph/context/res_aki/article/1196/viewcontent/DLSU_AKI_Working_Paper_Series_2024_03_092.pdf
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