Die aggregierte Produktionsfunktion (BW)
Erik Hurst erläutert die Funktion:
"A production function is a mathematical relationship between the inputs a firm uses and the output the firm generates. For this class, we are going to assume that the firm only uses three broad inputs: labor (workers), capital (machines) and some technology (we are going to abstract from things like raw materials and land as of now - if it makes you more comfortable, we will include these in our measure of capital).
You should think of capital as ECONOMIC CAPITAL. Economic capital is simply the integral of all past investment - net of depreciation. That means if you bought a machine this year - it is investment this year. But, that machine also adds to the 'capital stock'. The capital stock is the value of all existing machines that your firm owns. Note: We measure labor and capital like we measure output - in terms of dollars. Our measure of labor, then, is the 'real' value of wages paid to workers and our measure of capital is the ‘real’ value of machines that we use.
An aggregate production function can look something like:
- Y = f(K, N, A)
where f(.) is some mathematical relationship (a function), K is our symbol for the capital stock, N is our symbol for labor and A is our symbol for our technology measure (much more on this measure of technology in class).
This is a production function! Notice, we have two equations that determine Y in our class. Y = C + I + G + NX (this is the demand side of the economy - what people buy). Also, we have Y = f(K, N, A) (this is the supply side - what firms produce). As we learned in week 1, what is bought - by definition - must equal what is produced (again, once we account for inventory changes). These equations will become the foundation of our aggregate demand and aggregate supply equations later in the class! These equations will jointly determine both prices and output (and with some additional steps - interest rates and wages and other stuff). Prices will adjust in the economy to ensure that what is demanded is what is produced (store this away, this is one of the key insights from the class). We will have two equations (demand and supply) and two unknowns (Y and P) that we can solve. We will discuss the (P) part later in class.
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Diese Seite entstand im Kontext von: Besser Wissen (Vorlesung Hrachovec, 2006/07)
