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- Title
THE MEANING OF THE FITTED COBB-DOUGLAS FUNCTION.
- Authors
Brown, E. H. Phelps
- Abstract
This article focuses on the statistical applications of Cobb-Douglas function in applied economics. The statistical applications of the Cobb-Douglas function constitute one of the most challenging bodies of findings in applied economics. They are numerous: Douglas' himself in 1948 could survey twenty-nine of them and at least six more' have been reported since. Their claim to consideration lies in the large area of consistency of their numerical results and the striking prospect of their analytic significance. The data of labor force, capital and net product, given industry by industry in a census of production, form trios which can be represented by points in three dimensional space. This is illustrated by the perspective of Figure III, which displays the data for Australian or tube, inclined at 45 degrees to each co-ordinate plane. or tube, inclined at 45 degrees to each co-ordinate plane. This simply expresses the tendency of L, C, and P all to change in much the same proportion between one industry and another, so that, for example, the industries that are small, judged by their labor-forces, use much the same amount of capital per head and achieve much the same net product per head, as the big ones do.
- Subjects
ECONOMICS; STATISTICS; SURVEYS; LABOR supply; INDUSTRIES; MANUFACTURED products
- Publication
Quarterly Journal of Economics, 1957, Vol 71, Issue 4, p546
- ISSN
0033-5533
- Publication type
Article
- DOI
10.2307/1885710