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"On the Cobb-Douglas and all that …": the Solow-Simon correspondence over the aggregate neoclassical production function

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  • Scott Carter

Abstract

The debate over the Cobb-Douglas production function has been raging ever since the mathematician Charles Cobb teamed up in 1928 with the economist Paul Douglas and developed this famous model of aggregate production and distribution. This article presents a heretofore unpublished exchange in 1971 over the efficacy of the Cobb-Douglas by two future Nobel Laureates, Robert Solow and Herbert Simon. Solow emerges as the defender of the Cobb-Douglas, and Simon the engaging critic. The correspondence demonstrates that the logical and empirical problems with the Cobb-Douglas were well known by the most advanced minds of mainstream economics. This calls into question the rationale for its continued use as an empirical corroboration of marginal productivity theory.

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  • Scott Carter, 2011. ""On the Cobb-Douglas and all that …": the Solow-Simon correspondence over the aggregate neoclassical production function," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 34(2), pages 255-274.
    • Handle: RePEc:mes:postke:v:34:y:2011:i:2:p:255-274
    DOI: 10.2753/PKE0160-3477340204
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    Cited by:

    1. Adela Novac & Diana Otrocol & Dorian Popa, 2023. "On Ulam Stability of a Partial Differential Operator in Banach Spaces," Mathematics, MDPI, vol. 11(11), pages 1-10, May.
    2. Ben Fine, 2013. "Economics - Unfit for purpose: The Director's Cut," Working Papers 176, Department of Economics, SOAS University of London, UK.

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