Cobb-Douglas production function
GPTKB entity
Statements (30)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
production function
|
| gptkbp:application |
productivity analysis
empirical economics growth accounting |
| gptkbp:assumes |
diminishing marginal returns
factor substitutability |
| gptkbp:category |
gptkb:economic_policy
|
| gptkbp:describes |
relationship between inputs and output
|
| gptkbp:field |
economics
|
| gptkbp:form |
Y = A * L^α * K^β
|
| gptkbp:generalizes |
gptkb:CES_production_function
linear production function |
| https://www.w3.org/2000/01/rdf-schema#label |
Cobb-Douglas production function
|
| gptkbp:input |
gptkb:city
labor |
| gptkbp:introducedIn |
1928
|
| gptkbp:namedAfter |
gptkb:Paul_Douglas
gptkb:Charles_Cobb |
| gptkbp:parameter |
A (total factor productivity)
α (output elasticity of labor) β (output elasticity of capital) |
| gptkbp:property |
constant returns to scale if α + β = 1
decreasing returns to scale if α + β < 1 increasing returns to scale if α + β > 1 |
| gptkbp:relatedTo |
gptkb:Solow_growth_model
neoclassical economics |
| gptkbp:usedIn |
macroeconomics
microeconomics |
| gptkbp:bfsParent |
gptkb:Charles_Cobb
|
| gptkbp:bfsLayer |
6
|