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The Cobb-Douglas Production Function for an Exponential Model

In: Advances in Econometrics, Operational Research, Data Science and Actuarial Studies

Author

Listed:
  • Roman G. Smirnov

    (Dalhousie University)

  • Kunpeng Wang

    (Sichuan University-Pittsburgh Institute (SCUPI), Sichuan University)

  • Ziwei Wang

    (Dalhousie University)

Abstract

We investigate China’s post-1978 economic data in terms of compatible Cobb-Douglas production functions exhibiting different properties for different periods of time. Our methodology is grounded in the fact that the Cobb-Douglas function can be derived under the assumption of exponential growth in production, labor, and capital. We show that it appears to be the case by employing R programming and the method of least squares. Each Cobb-Douglas function used to characterize the economic growth within the corresponding period of time is determined by specifying the values of the labor share from the available empirical data for the period in question. We conclude, therefore, that the Cobb-Douglas function can be employed to describe the growth in production for the periods 1978–1984, 1985–1991, 1992–2002, 2003–2009, and 2010–2017 each marked by specific events that impacted the Chinese economy.

Suggested Citation

  • Roman G. Smirnov & Kunpeng Wang & Ziwei Wang, 2022. "The Cobb-Douglas Production Function for an Exponential Model," Contributions to Economics, in: M. Kenan Terzioğlu (ed.), Advances in Econometrics, Operational Research, Data Science and Actuarial Studies, pages 1-12, Springer.
    • Handle: RePEc:spr:conchp:978-3-030-85254-2_1
    DOI: 10.1007/978-3-030-85254-2_1
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