Application of Cobb-Douglas Model in Forecasting Potential GDP Growth - Bok av Quyet Pham Dang - Häftad
For a more comprehensive assessment of the economy¿s health, it is helpful to compare its actual production with its potential production. Economists achieve this by comparing the economy's actual output (revealed by real GDP) to its potential output. The Cobb-Douglas production function analyzes GDP growth in terms of various production factors, including labor, human capital, productive capital, and total factor productivity (TFP). This book employs the Cobb-Douglas production function to estimate..