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Jeff E. Biddle - Progress through Regression, Häftad

Häftad, Engelska, 2025

Del i serien Historical Perspectives on Modern Economics

Progress through Regression

The Life Story of the Empirical Cobb-Douglas Production Function

Av Jeff E. Biddle

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Beskrivning
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.
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Jeff E. Biddle is a Professor of Economics at Michigan State University. He is a past president of the History of Economics Society, and his current research focuses on the history of empirical methods in economic research.

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'The Cobb-Douglas production function is the workhorse of modern economic theory. Debates regarding models that are built upon it go on all the time, yet seldom focus on Cobb-Douglas itself. Yet there were early debates about it, some of which could have lead in interesting directions. But the diffusion of the Cobb-Douglass function, especially in practical applications where it allowed attention to focus on what both theorists and applied scholars considered important, helped it to slide by any difficulties. Biddle's protagonist is a worthy subject of study, opening our eyes to how modern economics actually works.' Ross B. Emmett, Arizona State University

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