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Caputo-Type Memory Invariants: A Fractional Generalization of the Cobb-Douglas Production Function

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  • Roman G. Smirnov

Abstract

Standard dynamical systems approaches to economic modeling, such as those deriving the Cobb-Douglas and CES production functions from exponential growth trajectories, typically rely on integer-order differential equations. While effective, these models assume that economic output depends solely on the instantaneous state of capital and labor, effectively ignoring the long-term ``memory effects'' inherent in policy, infrastructure, and technological adoption. This paper extends the exponential framework by introducing the Caputo fractional derivative into the underlying dynamical systems governing factor inputs. By replacing standard growth rates with fractional-order counterparts of order $0

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  • Roman G. Smirnov, 2026. "Caputo-Type Memory Invariants: A Fractional Generalization of the Cobb-Douglas Production Function," Papers 2605.20152, arXiv.org.
    • Handle: RePEc:arx:papers:2605.20152
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    References listed on IDEAS

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