The Impossibility of Capitalist Instantaneous Production

Research output: Contribution to journalArticle

1 Citation (Scopus)

Abstract

Many recent production/growth models use a property, which we call the 'Hicksian Case', that, in instantaneous production, interest accruing to a non-durable input (an input used up in an instant) is negligible over the unit period of production (an instant of time). No proper proof of the Hicksian Case has been put forward in the literature. We provide a rigorous proof of the case. Then, following the same logic as is used for the proof, we demonstrate that instantaneous production is logically impossible in a 'no-nonsense' capitalist economy.

Original languageEnglish
Pages (from-to)28-50
Number of pages23
JournalMetroeconomica
Volume66
Issue number1
DOIs
Publication statusPublished - 2015 Jan 1

Fingerprint

Impossibility
Growth model
Logic

ASJC Scopus subject areas

  • Economics and Econometrics

Cite this

The Impossibility of Capitalist Instantaneous Production. / Park, Man Seop.

In: Metroeconomica, Vol. 66, No. 1, 01.01.2015, p. 28-50.

Research output: Contribution to journalArticle

@article{9bfa07df53754a949fc7fd74e8f72a71,
title = "The Impossibility of Capitalist Instantaneous Production",
abstract = "Many recent production/growth models use a property, which we call the 'Hicksian Case', that, in instantaneous production, interest accruing to a non-durable input (an input used up in an instant) is negligible over the unit period of production (an instant of time). No proper proof of the Hicksian Case has been put forward in the literature. We provide a rigorous proof of the case. Then, following the same logic as is used for the proof, we demonstrate that instantaneous production is logically impossible in a 'no-nonsense' capitalist economy.",
author = "Park, {Man Seop}",
year = "2015",
month = "1",
day = "1",
doi = "10.1111/meca.12060",
language = "English",
volume = "66",
pages = "28--50",
journal = "Metroeconomica",
issn = "0026-1386",
publisher = "John Wiley and Sons Inc.",
number = "1",

}

TY - JOUR

T1 - The Impossibility of Capitalist Instantaneous Production

AU - Park, Man Seop

PY - 2015/1/1

Y1 - 2015/1/1

N2 - Many recent production/growth models use a property, which we call the 'Hicksian Case', that, in instantaneous production, interest accruing to a non-durable input (an input used up in an instant) is negligible over the unit period of production (an instant of time). No proper proof of the Hicksian Case has been put forward in the literature. We provide a rigorous proof of the case. Then, following the same logic as is used for the proof, we demonstrate that instantaneous production is logically impossible in a 'no-nonsense' capitalist economy.

AB - Many recent production/growth models use a property, which we call the 'Hicksian Case', that, in instantaneous production, interest accruing to a non-durable input (an input used up in an instant) is negligible over the unit period of production (an instant of time). No proper proof of the Hicksian Case has been put forward in the literature. We provide a rigorous proof of the case. Then, following the same logic as is used for the proof, we demonstrate that instantaneous production is logically impossible in a 'no-nonsense' capitalist economy.

UR - http://www.scopus.com/inward/record.url?scp=84921931514&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=84921931514&partnerID=8YFLogxK

U2 - 10.1111/meca.12060

DO - 10.1111/meca.12060

M3 - Article

AN - SCOPUS:84921931514

VL - 66

SP - 28

EP - 50

JO - Metroeconomica

JF - Metroeconomica

SN - 0026-1386

IS - 1

ER -