THE EXISTENCE OF AGGREGATE CAPITAL WHEN RETURNS TO SCALE ARE NONCONSTANT

被引：0
|
作者：
LAU, LJ
机构：
[1] Stanford University, Stanford
来源：
ECONOMICS LETTERS | 1991年 / 36卷 / 04期
关键词：
D O I：
10.1016/0165-1765(91)90197-S
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Necessary and sufficient conditions for the existence of aggregate capital as a function of the gross fixed investments of different vintages are derived for the non-constant returns-to-scale case. It is shown that each vintage normalized restricted profit function must be representable as the product of a function of the normalized price of labor which is identical for all vintages and a vintage-specific function of the quantity of fixed investment of that vintage. An aggregate capital may be defined as the sum of the vintage-specific functions of vintage fixed investment. © 1991.
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页码：355 / 359
页数：5
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