Abstract
This chapter is concerned with the economic and econometric analysis of production. The basic theory of production and the properties of the production function are developed in this section and this is followed by their application to the Cobb—Douglas and C. E. S. functions resulting in a priori restrictions on the values of certain parameters. The difficulties of observation of the production function at various levels of economic activity are next considered. The results of empirical work in a cross-section micro-economic study and a time series macro-economic study are then described, and a guide to further reading concludes the chapter.
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© 1974 R. F. Wynn and K. Holden
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Wynn, R.F., Holden, K. (1974). The Production Function. In: An Introduction to Applied Econometric Analysis. Palgrave, London. https://doi.org/10.1007/978-1-349-15548-4_3
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DOI: https://doi.org/10.1007/978-1-349-15548-4_3
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