Erratum to “On the aggregate production function and its presence in modern macroeconomics”

Structural Change and Economic Dynamics 15 (2004) 239

Erratum

Erratum to “On the aggregate production function and its presence in modern macroeconomics” [Structural Change and Economic Dynamics 14 (2003) 75–107]夽 Giorgio Colacchio, Anna Soci∗ University of Bologna, Dipartimento di Scienze, Economiche, Strada Maggiore 45, 40125 Bologna, Italy

The publisher regrets that in the above article there were some errors in the abstract. The abstract is reproduced correctly below. Abstract The aim of this article is to assess some possible consequences on modern macroeconomics following by the acceptance of the neo-classical paradigm in its representation of productive processes through the aggregate production function. In the first part of the paper we will reconsider the analytical meaning of the aggregate production function, and in particular of its ‘hidden’ elements in order to remind the reader of their evident, albeit silenced limitation. In the second part we will recall that profound traces of this obsolete paradigm are well present in modern macoreconomics, where the aggregate production function is still an unavoidable tool, and we will argue that damaging consequences arise in some of the major macroeconomic fields, like growth and cyclical fluctuations.

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doi of original article 10.1016/S0954-349X(02)00033-4. Corresponding author.

0954-349X/$ – see front matter © 2003 Elsevier B.V. All rights reserved. doi:10.1016/S0954-349X(03)00045-6