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.

引用

页码：355 / 359

页数：5

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