The Solow residual, technical change, and aggregate production functions

  • McCombie J
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Phelps Brown originally criticized good statistical fits for aggregate production functions as due to capturing an accounting identity. Shaikh, later developed this argument for time series data. This paper generalizes the argument to all translog production functions. The Shaikh-Solow debate is reviewed and it is shown that Solow's econometric estimation of Cobb-Douglas function using Solow's original date leads to a rejection of an aggregate production functions. Finally it is shown how the recent debate over estimates of returns to scale and externalities is spurious.

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  • John S.L. McCombie

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