| 題名: | Inada Conditions and the Law of Diminishing Returns |
| 作者: | Rolf Färe Daniel Primont |
| 關鍵字: | production|growth |
| 期刊名/會議名稱: | international journal of business and economics |
| 摘要: | Inada (1963) provided properties of the production function that are useful in the study_x000D_ of economic growth. Shephard (1970a) provided an axiomatic approach to the study of production_x000D_ theory. He applied these axioms to give a formal statement of the law of diminishing_x000D_ returns [(Shephard, 1970b)]. In this paper we demonstrate that the Inada conditions and the_x000D_ law of diminishing returns, as articulated by Shephard, are fundamentally inconsistent. Thus_x000D_ one is forced to make a choice between the two models when studying productivity and_x000D_ growth. |
| ISSN: | issn16070704 |
| 日期: | 2002/04/01 |
| 分類: | Volume01,No.1 |
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