the Cobb-Douglas production function

The current issue of the Journal of Economic Perspectives (open access) has a 14-page essay on the Cobb-Douglas regression, a popular form of aggregate production function. About time, I thought, that someone writing in a popular journal exposed this work-horse of econometrics for the fraud that it is. I accessed the essay with great anticipation, only to find it full of praise, with very light – almost non-existent – criticism. Here are the essay’s two concluding sentences:

There remain open questions about the scientific value of this procedure in each of the contexts in which it is applied, some of which are variations of the friendly and unfriendly questions raised by Douglas

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