Production Function - Aggregate Production Functions

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 (1930–1994)

    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 (1694–1773)

    Mark the babe
    Not long accustomed to this breathing world;
    One that hath barely learned to shape a smile,
    Though yet irrational of soul, to grasp
    With tiny finger—to let fall a tear;
    And, as the heavy cloud of sleep dissolves,
    To stretch his limbs, bemocking, as might seem,
    The outward functions of intelligent man.
    William Wordsworth (1770–1850)