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Industry‐level capital‐labour isoquants
Author(s) -
Steedman Ian
Publication year - 2018
Publication title -
metroeconomica
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.256
H-Index - 29
eISSN - 1467-999X
pISSN - 0026-1386
DOI - 10.1111/meca.12224
Subject(s) - economics , representation (politics) , capital (architecture) , returns to scale , production (economics) , capital intensity , constant (computer programming) , physical capital , aggregate (composite) , scale (ratio) , microeconomics , means of production , labour economics , financial capital , market economy , human capital , computer science , profit (economics) , programming language , materials science , physics , archaeology , quantum mechanics , politics , political science , law , composite material , history
In both theoretical and applied economics, the long‐run conditions of production for a firm or an industry are often presented in the form of a capital‐labour isoquant. Even with constant returns to scale, this representation cannot be derived from the full, detailed representation of conditions of production. Capital theory results for the aggregate economy are thus extended to the individual firm level.