The Cobb-Douglas function is today one of the most widely-adopted assumptions in economic modeling, yet both its theoretical and empirical basis have long been under question. The purpose of this paper is to build an alternative production function on neoclassical microfoundations to address...

The main objective of the paper is to investigate which factors influenced the output growth — fixed capital or workers? The paper analyzes the data by calculating Compound Annual Growth Rate (CAGR) for different years and different variables like workers, fixed capital and output collected...

The development process and technological improvements since the industrial revolution are characterized by substantial increases in the quantity and variety of tools/machines/materials adopted in production. It is difficult to reject empirically that proliferation of tools variety is the...

This paper follows Jones (2005) in his approach to deriving the global production function from microfoundations. His framework is generalized by allowing for dependence between the Pareto distributions of labor- and capital-augmenting developments. Using the Clayton copula family to capture...

Following the numerous arguments for and against the production functions, this research work tries to find out if the production functions, particularly the Cobb-Douglas and Constant Elasticity of Substitution (CES) production functions holds for Nigeria using an annual time series data from...