Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/186724 
Year of Publication: 
1989
Series/Report no.: 
Working Paper No. 33
Publisher: 
Levy Economics Institute of Bard College, Annandale-on-Hudson, NY
Abstract: 
This essay contrasts the production function approach to Kaldor's model of increasing returns which are demand-determined. In particular, the essay analyzes Kaldor's three major empirical "laws", which were adopted by later economists, and the criticisms of these three "laws" by economists who used the Cobb-Douglas production function as a basis of analysis. In conclusion, the essay finds that econometrics has provided an inadequate basis upon which to choose between this aggregate production function and Kaldor's model of growth.
Document Type: 
Working Paper

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