The Production Function And The Theory Of Economics, By Joan Robinson, 1903-Robinson

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Joan Robinson (1903-1983) “The purpose of studying economics is not to acquire a set of ready-made answers to economics questions, but learn how to avoid being deceived by economists,” said by Joan Robinson (Feb 03 2009) Throughout the years society has created a basis of what an economy is and how it is structured. Economists are said to be disciplined in the arts of economies, they know the ins and outs of every nook-and-cranny there is. They’ve studied the social science so well that they’re able to change our thoughts on how the economy should be run and we rely on them, which makes Joan intelligent for her quote. During the 1900’s being a woman economist was not the easiest task since there was the issue of woman equality. Many women struggled to receive recognition for their work. Joan Robinson was considered one of those…show more content…
This was based on the idea that capital can be measured and aggregated. This came to be called the Cambridge controversy and also became the position in Cambridge, England (1956) Through this it lead to opportunities allowing her to make several trips to China to observe their Economic Perspectives 1958, The Cultural Revolution 1969 and Economic Management 1976. She explains how the future expected rate of output associated with a capital good and expected future prices and costs, and then if given the rate of interest, we can value the capital good as a discounted stream of the future profit we can earn. Through this we are able to know the main purpose of the production function, which is to show how wages and the rate of interest are determined by technical condition and factor ratio (August 25 2014) With her knowledge of the production function she became valuable with analyzing China’s economy as she understood the concepts and could apply it. She thereafter produced many books in 1980 such as: Collected Economic Papers 1951-79 and Economic Philosophy

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