Journal Of The Econometric Society

An International Society for the Advancement of Economic
Theory in its Relation to Statistics and Mathematics

Edited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262

Econometrica: Oct, 1969, Volume 37, Issue 4

The Existence of Aggregate Production Functions<553:TEOAPF>2.0.CO;2-X
p. 553-577

Franklin M. Fisher

This paper discusses recent work on the existence of aggregate production functions in models in which capital goods are specific to firms and cannot be used interchangeably. It is found that this raises problems not only for capital aggregation but also for the existence of labor and output aggregates. Recent work on the question of using aggregate production functions as approximations is also discussed.

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