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| Tekijä: | McCombie, J. |
| Otsikko: | "Are there laws of production?": an assessment of the early criticisms of the Cobb-Douglas production function |
| Lehti: | Review of Political Economy
1998 : APR, VOL. 10:2, p. 141-174 |
| Asiasana: | LAW PRODUCTION ECONOMIC CONDITIONS |
| Kieli: | eng |
| Tiivistelmä: | This paper traces the development of the Cobb-Douglas production function from its inception in 1927 and critically assesses its early hostile reception. Further econometric evidence is also presented on these issues. Some of the criticisms were easily dealt with, but other more serious ones remained and, although equally relevant today, have been all but forgotten. The original regressions of Cobb and Douglas using time-series data produced some spectacularly good fits, with the estimates of the output elasticities being virtually identical to the relevant factor shares. |
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