Aggregate Production Functions
In macroeconomics, aggregate production functions for whole nations are sometimes constructed. In theory they are the summation of all the production functions of individual producers; however there are methodological problems associated with aggregate production functions, and economists have debated extensively whether the concept is valid.
Read more about this topic: Production Function
Famous quotes containing the words aggregate, production and/or functions:
“We cannot think of a legitimate argument why ... whites and blacks need be affected by the knowledge that an aggregate difference in measured intelligence is genetic instead of environmental.... Given a chance, each clan ... will encounter the world with confidence in its own worth and, most importantly, will be unconcerned about comparing its accomplishments line-by-line with those of any other clan. This is wise ethnocentricism.”
—Richard Herrnstein (19301994)
“Perestroika basically is creating material incentives for the individual. Some of the comrades deny that, but I cant see it any other way. In that sense human nature kinda goes backwards. Its a step backwards. You have to realize the people werent quite ready for a socialist production system.”
—Gus Hall (b. 1910)
“The mind is a finer body, and resumes its functions of feeding, digesting, absorbing, excluding, and generating, in a new and ethereal element. Here, in the brain, is all the process of alimentation repeated, in the acquiring, comparing, digesting, and assimilating of experience. Here again is the mystery of generation repeated.”
—Ralph Waldo Emerson (18031882)