Abstract
The neoclassical production function is the most often used theoretical instrument when the relation between factor input and product output is analyzed. There are different versions of this theory. In the course of time the simple 2-factor static Cobb-Douglas production function is developed to a system of holothetic dynamic production functions (Sato (1999), p. 316). The static version fits into the Walrasian System. This system came under attack recently, see Sonnenschein (1972) and Debreu (1974). In the foreword to this book I gave some reasons for it.2
Keywords
Capital Stock Output Coefficient Production Department Liquidity Constraint Initial Situation
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