*John McDonald and G. D. Snooks*

- Published in print:
- 1986
- Published Online:
- November 2003
- ISBN:
- 9780198285243
- eISBN:
- 9780191596636
- Item type:
- chapter

- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198285248.003.0009
- Subject:
- Economics and Finance, Economic History

‘Economic production functions’ describes the characteristics of deterministic production functions used in the analysis of Domesday production. These include the Cobb–Douglas, Constant Elasticity of ...
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‘Economic production functions’ describes the characteristics of deterministic production functions used in the analysis of Domesday production. These include the Cobb–Douglas, Constant Elasticity of Substitution, Mukerji, Sato, Generalized Linear, Generalized Quadratic, and production functions.Less

‘Economic production functions’ describes the characteristics of deterministic production functions used in the analysis of Domesday production. These include the Cobb–Douglas, Constant Elasticity of Substitution, Mukerji, Sato, Generalized Linear, Generalized Quadratic, and production functions.

*S. N. Afriat*

- Published in print:
- 1987
- Published Online:
- November 2003
- ISBN:
- 9780198284611
- eISBN:
- 9780191595844
- Item type:
- chapter

- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198284616.003.0013
- Subject:
- Economics and Finance, Microeconomics

This is the first of five chapters about the cost of living problem and price indices, a typical area for what is understood as choice theory. It discusses price and quantity levels. The four ...
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This is the first of five chapters about the cost of living problem and price indices, a typical area for what is understood as choice theory. It discusses price and quantity levels. The four sections of the chapter are: price–quantity duality; dual function examples (Cobb–Douglas and Cobb–Douglas, polyhedral and polytope); price and quantity levels; and limits of indeterminacy.Less

This is the first of five chapters about the cost of living problem and price indices, a typical area for what is understood as choice theory. It discusses price and quantity levels. The four sections of the chapter are: price–quantity duality; dual function examples (Cobb–Douglas and Cobb–Douglas, polyhedral and polytope); price and quantity levels; and limits of indeterminacy.

*S. N. Afriat*

- Published in print:
- 1987
- Published Online:
- November 2003
- ISBN:
- 9780198284611
- eISBN:
- 9780191595844
- Item type:
- chapter

- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198284616.003.0022
- Subject:
- Economics and Finance, Microeconomics

This is the fifth of six chapters on the logic of price. It is concerned with the proper microeconomic theory of general equilibrium understood as serving questions raised by Frederic Bastiat ...
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This is the fifth of six chapters on the logic of price. It is concerned with the proper microeconomic theory of general equilibrium understood as serving questions raised by Frederic Bastiat (1801–50) and illuminating Adam Smith's Invisible Hand, and going beyond basic theory of prices and the market. The eight sections of the chapter are: Crusoe's development; Edgeworth's box; three senses of equilibrium (centralized equilibrium, decentralized equilibrium, exchange equilibrium); feasible prices; a Cobb–Douglas world; the hyperbox; production and profit; and lessons in Edgeworth's box.Less

This is the fifth of six chapters on the logic of price. It is concerned with the proper microeconomic theory of general equilibrium understood as serving questions raised by Frederic Bastiat (1801–50) and illuminating Adam Smith's Invisible Hand, and going beyond basic theory of prices and the market. The eight sections of the chapter are: Crusoe's development; Edgeworth's box; three senses of equilibrium (centralized equilibrium, decentralized equilibrium, exchange equilibrium); feasible prices; a Cobb–Douglas world; the hyperbox; production and profit; and lessons in Edgeworth's box.

*Clas Eriksson*

- Published in print:
- 2013
- Published Online:
- April 2015
- ISBN:
- 9780199663897
- eISBN:
- 9780191808678
- Item type:
- chapter

- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:osobl/9780199663897.003.0005
- Subject:
- Economics and Finance, Development, Growth, and Environmental

This chapter focuses on land as a production factor whose quantity is assumed to be constant over time. Using some basic tools of modern economic growth theory, it explores the possibilities of ...
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This chapter focuses on land as a production factor whose quantity is assumed to be constant over time. Using some basic tools of modern economic growth theory, it explores the possibilities of sustained growth when the use of a limited amount of land is taken into account. It also considers the relations that are required between the growth rates of two technology factors to sustain long-run growth in the case of a general production function. It shows that the growth rate of the productivity factor of land must equal the growth rate of the productivity factor of labour, plus the population growth rate. The chapter presents a case with a CES (constant elasticity of substitution) production function to show that long-run growth in per capita income may still be feasible, even if land-augmenting technological progress is falling short of the requirement that arises from the analysis of the general case. In addition, it looks at an example where the production technology is represented by a Cobb-Douglas function.Less

This chapter focuses on land as a production factor whose quantity is assumed to be constant over time. Using some basic tools of modern economic growth theory, it explores the possibilities of sustained growth when the use of a limited amount of land is taken into account. It also considers the relations that are required between the growth rates of two technology factors to sustain long-run growth in the case of a general production function. It shows that the growth rate of the productivity factor of land must equal the growth rate of the productivity factor of labour, plus the population growth rate. The chapter presents a case with a CES (constant elasticity of substitution) production function to show that long-run growth in per capita income may still be feasible, even if land-augmenting technological progress is falling short of the requirement that arises from the analysis of the general case. In addition, it looks at an example where the production technology is represented by a Cobb-Douglas function.