AER建刊100年: The Top 20 Articles第三篇

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Cobb,CharlesW.,andPaulH.Douglas.1928."A Theory of Production." American
EconomicReview,18(1): 139-65.
Theclichésurelyapplieshere:thispaperneedsnointroduction. Theconvenience
andsuccessoftheconstant-elasticity Cobb-Douglasfunctionhas spreaditsuse
fromrepresenting production possibilities, whichwasofcourseitsoriginaluse,to
representing utilityfunctions andtomuchelsethroughout empirical andtheoretical
economics.CobbandDouglasexploredtheelementary properties andimplications
ofthefunctional form,andpointedtotheapproximate constancyoftherelative
sharesoflaborandcapitalintotalincomeasthevalidatingempirical fact.

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