We introduce a new type of production function, called approximate Cobb-Douglas function, by a perturbation of Euler's partial differential equation characterizing homogeneous function. We show that ...

In micro-economic theory much room is given to the discussion of inhomogeneous production functions, or more precisely, production functions with a monotonically decreasing elasticity of scale. On the ...

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 ...