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)
“I really know nothing more criminal, more mean, and more ridiculous than lying. It is the production either of malice, cowardice, or vanity; and generally misses of its aim in every one of these views; for lies are always detected, sooner or later.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (16941773)
“Adolescents, for all their self-involvement, are emerging from the self-centeredness of childhood. Their perception of other people has more depth. They are better equipped at appreciating others reasons for action, or the basis of others emotions. But this maturity functions in a piecemeal fashion. They show more understanding of their friends, but not of their teachers.”
—Terri Apter (20th century)