Essay on the Cobb Douglas Function: Who introduced the Cobb-Douglas production function? In what year?

 

First read pp. 255-262 of Scott Carter, “On the Cobb-Douglas and All That ..: the Solow-Simon Correspondence Over the Aggregate Neoclassical Production Function,” Journal of Post Keynesian Economics, Winter 2011, Vol. 34, Issue 2 (uploaded to Blackboard). Then write a short essay (no longer than 2-3 pages of double-spaced text) in which you answer the following questions:

1. Who introduced the Cobb-Douglas production function? In what year?

2. In the pioneering work on the Cobb-Douglas production function, why was the function specified as Y = ALαKβ, with α+ β = 1? What did Sylos Labini think of the α+ β = 1 specification?

3. What was Phelps Brown’s critique of the Cobb-Douglas production function? What did he warn against?

4. What did Anwar Shaikh demonstrate about the Cobb-Douglas production function? 5. In 1979 what critique did Simon make of the Cobb-Douglas production function? 6. What does Scott Carter think about the good statistical fits in estimates of the Cobb- Douglas production function? Please include references.

"Looking for a Similar Assignment? Order now and Get a Discount!