Progress through Regression

The Life Story of the Empirical Cobb-Douglas Production Function

Inbunden, Engelska, 2020

AvJeff E. Biddle,Jeff E. (Michigan State University) Biddle,Jeff E Biddle

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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.

Produktinformation

Utgivningsdatum2020-11-12
Mått160 x 240 x 30 mm
Vikt920 g
FormatInbunden
SpråkEngelska
SerieHistorical Perspectives on Modern Economics
Antal sidor350
FörlagCambridge University Press
ISBN9781108492263

Tillhör följande kategorier

Nationalekonomi inom Ekonomi och Ledarskap
Ekonomisk historia inom Ekonomi och Ledarskap
Mikroekonomi inom Ekonomi och Ledarskap

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.

'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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