Economics, Econometrics and Finance
4 years ago

Revealed: The Cobb-Douglas function's impact on economic growth theories

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RePEc: Research Papers in Economics
"A theory of production" the estimation of the Cobb-Douglas function: A retrospective view
Jesús Felipe, F. Gérard Adams

Paper Summary

The Cobb-Douglas production function is widely used in studying growth and productivity. Researchers confirmed that estimating this function simply reflects the relationship between value added, wages, and profits. This finding has important implications for macroeconomics.

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