![]() Perhaps this time it really will be 'different', the scales will fall from the profession's eyes. By careful empirical and theoretical work, they have reached the conclusion that the huge literature on aggregate production functions and technical progress is 'not even wrong' because predictions cannot be tested, that they are only variations on manipulations of national accounting identities. ''There are none so blind as those who will not see.' For decades now John McCombie and Jesus Felipe have been publishing papers which draw out the implications of the conceptual vacuousness that characterises fitting aggregate production function specifications to data to test the validity of the marginal productivity theory of distribution, a critique first developed by Henry Phelps Brown and Herbert Simon. Anwar Shaikh, New School for Social Research, US Their critique has devastating implications for orthodox macroeconomics.' The authors provide a cogent guide to all that is wrong with the theory and empirical applications of the discredited notion of an aggregate production function. ' This is an extremely important and long-awaited book.
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