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Progress through Regression - The Life Story of the Empirical Cobb-Douglas Production Function (Hardcover)
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Progress through Regression - The Life Story of the Empirical Cobb-Douglas Production Function (Hardcover)
Series: Historical Perspectives on Modern Economics
Expected to ship within 10 - 15 working days
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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.
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