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Technological theory of social production : ウィキペディア英語版
Technological theory of social production

In the technological theory of social production, the growth of output, measured in money units, is related to achievements in technological consumption of labour and energy. This theory is based on concepts of classical political economy and neo-classical economics and appears to be a generalisation of the known economic models, such as the neo-classical model of economic growth and input-output model.
==The main relations of the theory==

The major variables of any theory of social production are production factors, which are some universal characteristics of production processes and are considered as original sources of value. In classical political economy (Smith, Marx, Ricardo), it is human efforts (labour) L, which are measured in working hours. Neoclassical practice 〔G.W. Cobb and P.N. Douglas, A Theory of Production, American Economic Review, Suppl. (March 1928), pp. 139-165.〕〔R. Solow, Technical Change and the Aggregate Production Function, Review of Economic Studies, vol. 39 (Aug. 1957), pp. 312-330.〕 adds capital K, which is a money estimate of production equipment, that is value of the collection of all energy-conversion machines and information processing equipment, plus ancillary structures to contain and move them, including residential housing, when one considers capital in a wider sense. The earliest theories assumed, that output Y can be considered a function of labour L and capital K, as creative factors of production,
:
Y = Y(K, L).

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