An Introduction to Applied Econometric Analysis by R. F. Wynn, K. Holden (auth.)

By R. F. Wynn, K. Holden (auth.)

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The difficulties of observation of the production function at various levels of economic activity are next considered. The results of empirical work in a cross-section micro-economic study and a time series macro-economic study are then described, and a guide to further reading concludes the chapter. A production function is a mathematical function which relates the quantities of inputs and the quantities of outputs within a production unit, which may be variously defined as an activity or process, a firm, an industry or a national economy.

1971), 'The Other Half of Gross Investment: Replacement and Modernisation Expenditures', Review of Economics and Statistics, vol. 53, 49-58. Gould, J. P. (1968), 'Adjustment Costs in the Theory of Investment of the Firm', Review of Economic Studies, vol. XXXV, 47-55. Griliches, Z. (1967), 'Distributed Lags: A Survey', Econometrica, vol. 35, 16-49. Griliches, Z. (1968), 'The Brookings Model Volume: A Review Article', Review of Economics and Statistics, vol. 50,215-34. Grunfeld, Y. (1960), 'The Determinants of Corporate Investment', in The Demand for Durable Goods, ed.

4. Given the evidence oferrors ofaggregation quoted by Jorgenson and Stephenson, the performance of the neoclassical theories is surprisingly consistent. 7 FURTHER READING Further evidence of the superiority of the neoclassical approach is provided in two articles by Jorgenson, Hunter and Nadiri (1970a), (1970b), in which the quarterly data used by Jorgenson and Stephenson at the sub-industry level are used to compare four alternative investment theories. The theories are essentially dynamic versions of the neoclassical theory of the firm, with different specifications of the variables included and the time structure of the investment process.

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