The Cobb-Douglas production function is still today the most ubiquitous form in theoretical and empirical analyses of growth and productivity. The estimation of the parameters of aggregate production functions is central to much of today's work on growth, technological change, productivity, and...

This paper revisits the conundrum surrounding the measurement of the impact of public infrastructure spending in the light of the aggregation literature (Fisher, 1969; 1993). It shows why estimations of aggregate production functions (APFs) augmented with a proxy for public expenditures do not yield...