巴德学院利维经济研究所-聚合生产函数与索洛的“三件牛仔”（英）.pdf

WorkingPaperNo.1045TheAggregateProductionFunctionandSolow’s“ThreeDenials”byJesusFelipe(*)SchoolofEconomics,DeLaSalleUniversity(Manila,Philippines)andJohnMcCombie(**)UniversityofCambridge,Cambridge,UKMarch2024Authorcontactinformation:Felipe(jesus.felipe@dlsu.edu.ph);McCombie(jslm2@cam.ac.uk)TheLevyEconomicsInstituteWorkingPaperCollectionpresentsresearchinprogressbyLevyInstitutescholarsandconferenceparticipants.Thepurposeoftheseriesistodisseminateideastoandelicitcommentsfromacademicsandprofessionals.LevyEconomicsInstituteofBardCollege,foundedin1986,isanonprofit,nonpartisan,independentlyfundedresearchorganizationdevotedtopublicservice.Throughscholarshipandeconomicresearch,itgeneratesviable,effectivepublicpolicyresponsestoimportanteconomicproblemsthatprofoundlyaffectthequalityoflifeintheUnitedStatesandabroad.LevyEconomicsInstituteP.O.Box5000Annandale-on-Hudson,NY12504-5000http://www.levyinstitute.orgCopyright©LevyEconomicsInstitute2024AllrightsreservedISSN1547-366X1ABSTRACTThispaperoffersaretrospectiveviewofthekeypillarofSolow’sneoclassicalgrowthmodel,namelytheaggregateproductionfunction.Wereviewhowthistoolcametolifeandhowithassurviveduntiltoday,despitethreecriticismsthatundermineditsraisond’être.TheyaretheCambridgeCapitalTheoryControversies,theAggregationProblem,andtheAccountingIdentity.Thesecriticismswereforgottenbytheprofession,notbecausetheywerewrongbutbecauseofthekeyroleplayedbyRobertSolowinthefield.Today,thesecriticismsarenotevenmentionedwhenstudentsareintroducedto(neoclassical)growththeory,whichispresentedinmosteconomicsdepartmentsandmacroeconomicstextbooksastheonlytheoryworthstudying.JELCLASSIFICATION:B22,B31,B32,B41,E13,E25KEYWORDS:AccountingIdentity,AggregationProblem,CambridgeCapitalTheoryControversies,Solow21.INTRODUCTIONRobertSolow,oneofthemostnotableeconomistsofthetwentiethcenturydiedDecember21,2023,attheageof99.Hewascertainlyagreatresearcher,someoneinterestedinsociety’srealproblems,andthosewhostudiedatMITduringhistenureconsiderhewasagreatinstructor.SolowarrivedatMITin1949asaprofessorofstatistics.TogetherwithPaulSamuelson,hebuiltoneofthebestregardedeconomicsdepartmentsintheworld.Botheconomistswereinstrumentalinlayingthefoundationsoftheneoclassicalsynthesis.WhilethistooksomeelementsofKeynes’GeneralTheory,itwas,insomerespects,areturntothepre-Keynesianworld.Theneoclassicalsynthesishadthreepillars:microeconomiccompetitivegeneralequilibriumtheory,thePhillipscurve,andSolow’s(1956)growthmodel.ThesynthesisassertedtheefficacyofKeynesianpolicyintheshortrun,butassertedabeliefincompetitivemarketforcesandSay’sLawinthelongrun(inparticularinthecaseofSolow’sgrowthmodel).Asaneconomistinterestedinsociety’srealproblems,Solowwasconcerned,interalia,withthecausesofunemployment(Solow1980),andviewedthelabormarketasasocialinstitutionandnotlikethetypicalmarketforagood(Solow1990).Hetookpartinthetwomostimportantintellectualdebatesineconomicsofthetwentiethcentury:theCambridgeCapitalTheoryControversies(CCTCs)(mainlywithJoanRobinsonintheUK)andwiththenewclassicalmacro