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Total factor productivity explained: Cobb-Douglas production function (Excel)
Автор: NEDL
Загружено: 2021-05-03
Просмотров: 17731
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Why are some countries richer than others? The intuitive answer can be the differences in their factor endowments: labour and capital. However, some countries might utilise given resources more productively than others! But how can one model or calculate that? The Solow model seeks to investigate this relationship using a Cobb-Douglas production function. Today we will learn how to apply it, interpret the results, and calculate total factor productivity in Excel.
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