Evolution of Production Functions Revolutionizes Economics and Industry Dynamics
The article gives a history of how production functions in economics have evolved over time. It talks about how famous functions like Cobb-Douglas and CES were developed, and how the concept of elasticity of substitution was introduced. The paper also discusses different types of production functions and how they incorporate changes in technology and energy use. Additionally, it touches on the 'capital controversy' and its effects on economic theory.