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Progress through Regression "The Life Story of the Empirical Cobb-Douglas Production Function"

Progress through Regression "The Life Story of the Empirical Cobb-Douglas Production Function"

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  • ISBN:9781009686570
  • Editorial: Cambridge University Press
  • Fecha de la edición:
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  • Nº Pág.:350
  • Idiomas:Inglés

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The Cobb-Douglas regression, a statistical technique developed to estimate what economists called a 'production function', was introduced in the late 1920s. For several years, only economist Paul Douglas and a few collaborators used the technique, while vigorously defending it against numerous critics. By the 1950s, however, several economists beyond Douglas's circle were using the technique, and by the 1970s, Douglas's regression, and more sophisticated procedures inspired by it, had become standard parts of the empirical economist's toolkit. This volume is the story of the Cobb-Douglas regression from its introduction to its acceptance as general-purpose research tool. The story intersects with the histories of several important empirical research programs in twentieth century economics, and vividly portrays the challenges of empirical economic research during that era. Fundamentally, this work represents a case study of how a controversial, innovative research tool comes to be widely accepted by a community of scholars.

Intersects the history of the Cobb-Douglas regression with the history of many previously under-studied empirical research programmes in twentieth century economics
Comprehensive discussion of Cobb-Douglas regression in non-technical language
Provides a fine-grained account of the actual research process in twentieth century empirical economics

Part I. Paul Douglas and his Regression, 1927-1948:
1. The Origins of Douglas's Production Function Research Program and his Initial Time Series Studies
2. The Douglas-Mendershausen Debate and the Cross Section Studies
3. Theoretical and Econometric Challenges of the Early 1940s, and Douglas's Final Word
Part II. The Diffusion of the Cobb-Douglas Regression:
4. Three Important Developments in the Life of the Cobb-Douglas Regression, 1952-1961
5. The Cobb-Douglas Regression in Agricultural Economics, 1944-1965
6. The Cobb-Douglas Regression as a Tool for Measuring and Explaining Economic Growth
Part III. Conclusion
7. On the Success of the Cobb-Douglas Regression
References
Index.

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