Aggregate Production Functions
In macroeconomics, aggregate production functions for whole nations are sometimes constructed. In theory they are the summation of all the production functions of individual producers; however there are methodological problems associated with aggregate production functions, and economists have debated extensively whether the concept is valid.
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Famous quotes containing the words aggregate, production and/or functions:
“a fortress against ideas and against the
Shuddering insidious shock of the theory-vendors
The little sardine men crammed in a monster toy
Who tilt their aggregate beast against our crumbling Troy.”
—Louis MacNeice (1907–1963)
“Perestroika basically is creating material incentives for the individual. Some of the comrades deny that, but I can’t see it any other way. In that sense human nature kinda goes backwards. It’s a step backwards. You have to realize the people weren’t quite ready for a socialist production system.”
—Gus Hall (b. 1910)
“The English masses are lovable: they are kind, decent, tolerant, practical and not stupid. The tragedy is that there are too many of them, and that they are aimless, having outgrown the servile functions for which they were encouraged to multiply. One day these huge crowds will have to seize power because there will be nothing else for them to do, and yet they neither demand power nor are ready to make use of it; they will learn only to be bored in a new way.”
—Cyril Connolly (1903–1974)