Jump to ContentJump to Main Navigation
Separability and AggregationThe Collected Works of W. M. Gorman, Volume I$
Users without a subscription are not able to see the full content.

W. M. Gorman, C. Blackorby, and A. F. Shorrocks

Print publication date: 1996

Print ISBN-13: 9780198285212

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198285213.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 22 January 2021

Aggregation in the Short and Long Run

Aggregation in the Short and Long Run

(p.439) 25 Aggregation in the Short and Long Run
Separability and Aggregation

W. M. Gorman (Contributor Webpage)

, C. Blackorby, A. F. Shorrocks
Oxford University Press

The paper begins with the short‐run aspect, giving a very brief survey of known results in aggregation theory, reminding us that the basic trick in most aggregation problems is to change the endowments of firms and to see how this changes the economy overall. Section 2 starts with the long‐run problem; the reason for calling this a long‐run problem is that the technologies do not depend upon vectors of capital stocks or endowments, which, in principle, could be used to move the firms around in the economy; the same analysis would therefore hold if firms’ technologies depend on a set of endowments that could not be moved about for the analysis. Sections 2–4 are devoted to the case in which there is only one aggregate in each firm as well as in the economy; this analysis was done in the early 1980s and presented at Mirrlees's lunchtime workshop at Nuffield College, Oxford, in 1982, and at the LSE mathematical economics seminar in 1983. The rest of the paper analyses the case when there are many aggregates both in the firms and in the economy as a whole––each of the aggregates can be one of three different types, and furthermore, these different types, in some circumstances, interact with one another to produce still further restrictions; this part of the paper existed in various handwritten forms until the present version was written for a conference at the London Business School in October 1989. The analysis here is complex and at times difficult to follow, but this seems to be inherent in the nature of the problem being analysed.

Keywords:   aggregates, aggregation, capital stocks, endowments, long‐run aggregation, short‐run aggregation

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .