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INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS
JUNE 2011
VOL 3, NO 2
Table 2
OLS Estimates for Cobb-Douglas Production Functions (1971-72 to 2005-06)
Equations Dependent C λ 1 λ 2 ln(K/L) ln(HK) ln(Tr/gdp) SER R 2 Adj.R 2 D.W.Stat Prob n
Variable (F-Statistic)
Economy ln(Y/L) -0.0115 - 0.0004 * 0.70 *** 0.06 - 0.02 0.41 0.35 1.74 0.00 35
With HK e (0.97) (1.66) (4.20) (1.41)
Economy e
With HK ln(Y/L) -0.0112 - 0.0004 ** 0.66 *** 0.065 * 0.094 ** 0.02 0.51 0.44 2.02 0.00 35
and Trade (1.04) (2.13) (4.17) (1.63) (2.33)
Notes: Values in parenthesis are t-ratios. SER= Standard Error of Regression
*** Significant at 1 percent level. n = Number of Observations
** Significant at 5 percent level. Y= GDP at constant factor cost of 1980-81 prices
* Significant at 10 percent level. L= Employed Labour Force; Estimates for ‘L’ can
Be found from Cobb-Douglas constraints of ∑ ∝ i =1
K= Capital Stock at 1980-81 prices
e= Estimated by taking first difference HK= Human Capital
C= Constant Term
λ 1 & λ 2 = Measurement of Technology
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