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The Cobb – Douglas production function is especially notable for being the first time an aggregate or economy-wide production function had been developed, estimated, and the presented to the profession for analysis ; it marked a landmark change in how economists approached macroeconomics.
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Cobb and –
Andrew R. Cobb designed the Science Building, 1913 – 15 ; MacDonald Memorial Library, 1914 – 15 ; Shirreff Hall Women's Residence, 1920 ; Arts Building, 1921 – 22 ; Medical Science Laboratory, 1921 – 22 ; Provincial Archives Building, 1929 ; Gymnasium Building, 1931.
Various theological and philosophical aspects have been expanded and developed by Charles Hartshorne ( 1897 – 2000 ), John B. Cobb, Jr., and David Ray Griffin.
Golden age hip hop ( cited as either just the late ' 80s or the late 80s to early 90s ) was the time period where hip-hop lyricism went through its most drastic transformation – writer William Jelani Cobb says " in these golden years, a critical mass of mic prodigies were literally creating themselves and their art form at the same time " and Allmusic writes, " rhymers like PE's Chuck D, Big Daddy Kane, KRS-One, and Rakim basically invented the complex wordplay and lyrical kung-fu of later hip-hop ”.
Tyrus Raymond " Ty " Cobb ( December 18, 1886 – July 17, 1961 ), nicknamed " The Georgia Peach ," was an American Major League Baseball outfielder.
Cobb, following a move to right field, led the Tigers to three consecutive American League pennants from 1907 – 1909.
* February 20 – John Nathan Cobb, American author, naturalist, conservationist, fisheries researcher, and educator ( d. 1930 )
* January 13 – John Nathan Cobb, American author, naturalist, conservationist, fisheries researcher, and educator ( b. 1868 )
* James Neale ( 1615 – 1684 ), born London, England, immigrated 1634, founded Wollaston Manor plantation and Cobb Island
Cobb and Douglas
Other portions of Paulding County were annexed to neighboring counties ( Campbell, Carroll, Cobb, Douglas, Haralson, and Polk ) between 1832 and 1874.
Between 1850 and 1874, Paulding County was expanded through annexation of parts of Carroll, Cobb, Douglas, and Polk counties.
The USGS stream gauge ( NWS identifier AUSG1 ) at Lithia Springs is considered to be " near Austell " by the National Weather Service, however, even though that city is further away and in Cobb and not Douglas.
The distribution is occasionally referred to as the Galton distribution or Galton's distribution, after Francis Galton, and other names such as McAlister, Gibrat and Cobb – Douglas been associated.
Austell is located at western edge of the Atlanta Metropolitan near the south border of Cobb County and north border of Douglas County.
Douglas is probably best-known to economics students as the co-author of the 1928 article with Charles Cobb that first laid out the Cobb-Douglas production function.
In economics, the Cobb – Douglas functional form of production functions is widely used to represent the relationship of output and two inputs.
Similar functions were originally used by Knut Wicksell ( 1851 – 1926 ), while the Cobb-Douglas form was developed and tested against statistical evidence by Charles Cobb and Paul Douglas during 1900 – 1947.
Cobb and Douglas were influenced by statistical evidence that appeared to show that labor and capital shares of total output were constant over time in developed countries ; they explained this by statistical fitting least-squares regression of their production function.
Paul Douglas explained that his first formulation of the Cobb – Douglas production function was developed in 1927 ; when seeking a functional form to relate estimates he had calculated for workers and capital, he spoke with mathematician and colleague Charles Cobb, who suggested a function of the form, previously used by Knut Wicksell.
The Cobb – Douglas model is criticized by some Austrian economists, such as William Barnett II, on the basis of dimensional analysis.
The Cobb – Douglas production function was not developed on the basis of any knowledge of engineering, technology, or management of the production process.
However, many modern authors have developed models which give Cobb – Douglas production function from the micro level ; many New Keynesian models, for example.
It is nevertheless a mathematical mistake to assume that just because the Cobb – Douglas function applies at the micro-level, it also always applies at the macro-level.
Similarly, it is not necessarily the case that a macro Cobb – Douglas applies at the disaggregated level.
An early microfoundation of the aggregate Cobb – Douglas technology based on linear activities is derived in Houthakker ( 1955 ).
Nonetheless, the Cobb – Douglas function has been applied to many other contexts besides production.
In its generalized form, where x < sub > 1 </ sub >, x < sub > 2 </ sub >, ..., x < sub > L </ sub > are the quantities consumed of good # 1, good # 2, ..., good # L, a utility function representing the Cobb – Douglas preferences may be written as:
The Cobb – Douglas function form can be estimated as a linear relationship using the following expression:
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