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The Meaning of the Fitted Cobb-Douglas Function

E. H. Phelps Brown
The Quarterly Journal of Economics
Vol. 71, No. 4 (Nov., 1957), pp. 546-560
Published by: Oxford University Press
Stable URL: http://www.jstor.org/stable/1885710
Page Count: 15
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The Meaning of the Fitted Cobb-Douglas Function
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Abstract

I. The claim to consideration, 546; four striking features of the findings, 547.--II. The fit to time series, 548; results depend on historical rates of growth, 550.--III. The fit to cross sections, 552; the effect of predominantly equal proportionate changes in labor-force, capital, and net value product between one industry and another, 553; a systematic relation between interindustry differences in net value product and those in the proportionate combination of factors, 555; its possible explanation, 556.--IV. Conclusion, 558.

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