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 ...

We examine inconsistencies and controversies related to the use of CES production functions in growth models. First, we show that not all variants of CES functions commonly used are consistently ...

Economic productivity—the efficiency with which societies transform labour, capital, energy, and other natural resources into new goods or services—is a key outcome in any society because it has a ...

In modeling emissions, the literature has usually specified an explicit emission function, or treated emissions as a production input. We examine the validity of these approaches, taking into account ...

1. If marginal product is decreasing, then average product must also be decreasing. 2. For a fixed-proportion technology, inputs cannot be substituted for each other in production. 3. The marginal ...

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...

In economics, production is the act of creating output, a good or service which has value and contributes to the utility of individuals. The act may or may not include factors of production other than ...