The per worker production function attempts to model how much a single employee will produce based on either land available or capital invested. The Malthusian model bases it solely on land while the ...
Most macroeconomic models assume that aggregate output is generated by a specification for the production function with total physical capital as a key input. Implicitly this assumes that private and ...
In my last post on my Debtwatch blog, I finished by saying that the Physiocrats were the only School of economics to properly consider the role of energy in production. They ascribed it solely to ...
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