on "Convergence" "Lant Pritchett and Larry Summers are now trying to blow this up: to say that just as the neoclassical aggregate production function is a very bad guide to understanding the business cycle, as the generation-old failure of RBC models tells us, so the neoclassical aggregate production function and the Solow growth model built on top of it is a bad guide to issues of growth and development as well."
Cosma Shailzi's comment : "Also, I will remind you that aggregate production functions make no sense in terms of neoclassical microeconomics "
Prolegomenom to a reading course on Marx
Cosma Shailzi's comment : "Also, I will remind you that aggregate production functions make no sense in terms of neoclassical microeconomics "
Prolegomenom to a reading course on Marx
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