Production Functions Behaving Badly - Reconsidering Fisher and Shaikh

Thomas Fredholm and Stefano Zambelli

No 1305, ASSRU Discussion Papers from ASSRU - Algorithmic Social Science Research Unit

Abstract: We reconsider Anwar Shaikh’s critique of the neoclassical theory of growth and distribution based on its use of aggregate production functions. This is done by reconstructing and extending Franklin M. Fisher’s 1971 computer simulations, which Shaikh used to support his critique. Together with other recent extensions to Shaikh’s seminal work, the results support and strengthen the evidence against the use of neoclassical aggregate production functions.

Keywords: HUMBUG Production Function; Cobb-Douglas Production Function; Aggregation; Computational Techniques. (search for similar items in EconPapers)
JEL-codes: C61 C63 C67 O47 (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:trn:utwpas:1305

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