Econometrica: Jan 1966, Volume 34, Issue 1
The Concept of Capital in Professor Solow's Model
Nissan LiviatanUnder certain conditions it is possible to define a meaningful aggregate of heterogeneous capital goods for purposes of long run analysis of production and distribution, even though no such aggregate can be meaningfully defined for the short run. This is shown to be the case in a recent model developed by Professor Solow for the study of a production function involving heterogeneous capital goods.
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