Academy of Mathematics and Systems Science, CAS
Colloquia & Seminars
| | Speaker: | 姜卫民 博士，南京林业大学
| | Inviter: | | Title:
| Input-Output Production Structure and Non-Linear Production Possibility Frontier | Time & Venue:
| 2021.12.01 11:00-12:00 内部讨论班 | Abstract:
| Input-output (Leontief) production function is widely used in economic analysis. And diminishing marginal rate of return is a very well accepted economic fact. Leontief production function normally results in a linear production possibility frontier (PPF) due to its linear feature, whereas diminishing marginal rate of return implies a non-linear PPF. In this paper, the authors aim to fix this problem by considering multiple primary inputs in a simplified two-sector economy. The authors find that it is possible to curve a non-linear PPF by using Leontief production function when the authors add heterogeneous primary inputs. The authors also discuss the PPF using non-linear production function. Furthermore, the authors propose that three commonly used economic presumptions cannot hold in the same framework. These presumptions are "single primary input", "fixed-proportion inputs" and "law of diminishing marginal returns".
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