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The Cobb-Douglas production function revisited

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Document pages: 13 pages

Abstract: Charles Cobb and Paul Douglas in 1928 used data from the US manufacturingsector for 1899-1922 to introduce what is known today as the Cobb-Douglasproduction function that has been widely used in economic theory for decades.We employ the R programming language to fit the formulas for the parameters ofthe Cobb-Douglas production function generated by the authors recently via thebi-Hamiltonian approach to the same data set utilized by Cobb and Douglas. Weconclude that the formulas for the output elasticities and total factorproductivity are compatible with the original 1928 data.

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