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Technical Progress in the Production Function of the Cobb-Douglas Type
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Abstrakty
Celem artykułu jest pozkazanie, jaki sens ekonomiczny może miec parametr A, występujący w typowym wzorze funkcji produkcji Cobba-Douglasa D=AZ β K1-β, gdzie D oznacza wielkość produkcji, Z - nakłady pracy ludzkiej, K - zasób kapitału zaś A i β są parametrami funkcji.
From the discussion of the production function D=AZ β K1-β presented in the article, it follows that A = D0 at-β, where the decline of at over time is a measure of the autonomous technical progress (which graphically can be expressed by means of an isoquant of production sloped down to the origin of the coordinate axes), β shows the changes of the index of capital elasticity of employment or of the optimum (maximizing the profit rate) share of wages in the national income, and D denotes the initial level of national income. When the β is known or arbitrarily determined, one may measure the autonomous technical progress, thus transforming A from a parameter into an additional variable in the production function of the Cobb-Douglas type. All the manifestations of the technical progress that could be spotted using the Cobb-Douglas production function, are already included in its classic formula, and a further extension of the latter tending to a better understanding of the technical progress seems to be superfluous. (original abstract)
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