The long-term sucCESs of the neoclassical growth model
重新建立CES生产函数与新古典索洛增长理论的联系，从理论重要性、标准化问题以及美欧数据拟合三个维度论证CES函数在增长理论中的长期成功。
In this paper, we seek to re-establish the link between the constant elasticity of substitution (CES) production function and neoclassical Solow growth theory. We do so in three dimensions. First, we review the increasing importance of the CES technology in modern dynamic macroeconomics, in expanding not only theory but also in addressing important policy questions. Second, we aue that the importance of the CES function in growth theory is intimately linked to ‘normalization’. Finally, we examine the data congruence between CES functions and recent growth patterns in the USA and the euro-area economies, where we apply a supply-side system incorporating a CES function with factor-augmenting and time-varying technical progress.