Towards A Dynamic Theory of Production
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In previous chapters we have modeled production without reference to time, such models where time is ignored, or does not play a role, are termed steady state models. In this chapter, time is introduced explicitly. In particular, inputs and outputs are treated as sequences of real numbers, and the dynamic production model is presented as an infinite product model endowed with the product topology. Shephard and Färe (1980), introduce a more complicated, but richer approach to dynamic production.
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