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The Cobb-Douglas Production Function: An Antipodean Defence?

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  • I Fraser

Abstract

In this paper a re-examination of the original time-series data sets used by Professor Douglas and associated researchers to establish the existence of an aggregate production function is undertaken. Particular attention is paid to the issue of whether the data provide deductive support for the ?Laws of Production? as claimed by Douglas (1948). Various statistical methods are used to analyse the data to see if the claims of Douglas are justified. Only the New South Wales data and to a lesser extent the New Zealand data yield results that support the assertions of Douglas - hence the Antipodean defence.

Suggested Citation

  • I Fraser, 2002. "The Cobb-Douglas Production Function: An Antipodean Defence?," Economic Issues Journal Articles, Economic Issues, vol. 7(1), pages 39-58, March.
  • Handle: RePEc:eis:articl:102fraser
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    File URL: http://www.economicissues.org.uk/Files/2002/102eFraser.pdf
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    Cited by:

    1. Yashin, Pete, 2016. "Кризис И Рост Неравенства. Оптимальный Путь Экономического Роста
      [The crisis and increasing inequality. The best equilibrium growth path]
      ," MPRA Paper 73544, University Library of Munich, Germany.
    2. repec:ebl:ecbull:v:3:y:2007:i:9:p:1-8 is not listed on IDEAS
    3. Mahmood Mahmoudzadeh & Seyyed Ali Zeytoon Nejad Moosavian, 2016. "Measuring and Analyzing the Shares of Economic Growth Sources in the Mining Sector of Iran: A Neoclassical Growth Accounting Approach," Papers 1612.00833, arXiv.org.
    4. Constantin Chilarescu & Nicolas Vaneecloo, 2007. "A Stochastic Approach to the Cobb-Douglas Production Function," Economics Bulletin, AccessEcon, vol. 3(9), pages 1-8.
    5. Eric Miller, 2008. "An Assessment of CES and Cobb-Douglas Production Functions: Working Paper 2008-05," Working Papers 19992, Congressional Budget Office.
    6. Rybak, Aurelia & Rybak, Aleksandra, 2016. "Possible strategies for hard coal mining in Poland as a result of production function analysis," Resources Policy, Elsevier, vol. 50(C), pages 27-33.
    7. Yashin, Pete, 2014. "The Golden Rule of Capital Accumulation and Global Recession. Aggregate Production Function and the Cambridge Capital Controversy," MPRA Paper 58570, University Library of Munich, Germany.
    8. repec:sbe:breart:v:31:y:2011:i:2:a:4065 is not listed on IDEAS
    9. Gwavuya, S.G. & Abele, S. & Barfuss, I. & Zeller, M. & Müller, J., 2012. "Household energy economics in rural Ethiopia: A cost-benefit analysis of biogas energy," Renewable Energy, Elsevier, vol. 48(C), pages 202-209.
    10. Bassim Shebeb, 2003. "Measuring Capacity Utilization Using A Short-Run Cost Function: An Application to Bahrain Economy," Working Papers 0305, Economic Research Forum, revised 02 2003.

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