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Cambridge capital controversies refer to the debate between British and American economists concerning the neoclassical approach to economics. They were based at Cambridge University (England) and the Massachusetts Institute of Technology (Cambridge, USA), respectively.

The Modern School, particularly influenced by Alfred Marshall (1842-1924) and headed by the English economists Arthur Cecil Pigou (1877-1959) and John Maynard [...]

CES production function, or constant elasticity of substitution production function, is a linearly homogenous production function with a constant elasticity of input substitution, which takes on forms other than unity.

CES production function replaced the Cobb-Douglas Production Function model which looked at physical output as a product of labor and capital inputs.
The equation for the model [...]