Related papers: The Production Function
Detailed empirical studies of publicly traded business firms have established that the standard deviation of annual sales growth rates decreases with increasing firm sales as a power law, and that the sales growth distribution is…
Accuracy of economic theories and efficiency of economic policy strictly depend on the choice of the economic variables and processes mostly liable for description of economic reality. That states the general problem of assessment of any…
After collecting data from observations or experiments, the next step is to build an appropriate mathematical or stochastic model to describe the data so that further studies can be done with the help of the models. In this article, the…
One of the most common types of functions in mathematics, physics, and engineering is a sum of products, sometimes called a partition function. After "normalization," a sum of products has a natural graphical representation, called a normal…
Much of the analysis of economic growth has focused on the study of aggregate output. Here, we deviate from this tradition and look instead at the structure of output embodied in the network connecting countries to the products that they…
The semantics of assignment and mutual exclusion in concurrent and multi-core/multi-processor systems is presented with attention to low level architectural features in an attempt to make the presentation realistic. Recursive functions on…
We formulate thermodynamics of economic systems in terms of an arbitrary probability distribution for a conserved economic quantity. As in statistical physics, thermodynamic macroeconomic variables emerge as the mean value of microeconomic…
Regulatory functions are essential in both socioeconomic and biological systems, from corporate managers to regulatory genes. Regulatory functions come with substantial costs and benefits, and the balance of the two is often taken for…
This paper critically investigates standard total factor productivity (TFP) measurement in the public sector, where output information is often incomplete or distorted. The analysis reveals fundamental paradoxes under three common output…
Tasks and objects are two predominant ways of specifying distributed problems. A task is specified by an input/output relation, defining for each set of processes that may run concurrently, and each assignment of inputs to the processes in…
The transient fluctuation of the prosperity of firms in a network economy is investigated with an abstract stochastic model. The model describes the profit which firms make when they sell materials to a firm which produces a product and the…
Economic complexity measures aim to quantify the capability content or endowment of industries and territories; however, capabilities are not observable, and therefore cannot be directly used in the computations. We estimate such endowments…
We consider processes which are functions of finite-state Markov chains. It is well known that such processes are rarely Markov. However, such processes are often regular in the following sense: the distant past values of the process have…
Computation is commonly defined as the execution of abstract algorithms over symbolic representations, with physical systems treated as substrates that realise predefined operations. While effective for engineered machines, this separation…
We continue the analysis of reproducing pairs of weakly measurable functions, which generalize continuous frames. More precisely, we examine the case where the defining measurable functions take their values in a partial inner product space…
A causal input-output system may be described by a function space for inputs, a function space for outputs, and a causal operator mapping the input space into the output space. A particular representation of the state of such a system at…
The article examines how institutions, automation, unemployment and income distribution interact in the context of a neoclassical growth model where profits are interpreted as a surplus over costs of production. Adjusting the model to the…
Recently, in order to explore the mechanism behind wealth or income distribution, several models have been proposed by applying principles of statistical mechanics. These models share some characteristics, such as consisting of a group of…
Employing the stochastic wave function method, we study quantum features of stochastic entropy production in nonequilibrium processes of open systems. It is demonstarted that continuous measurements on the environment introduce an…
Multiplicity distributions, P(N), provide valuable information on the mechanism of the production process. We argue that the observed P(N) contain more information (located in the small N region) than expected and used so far. We…