In Solows classic (1957) study of technical change in the U.S. economy, he suggests the
Chapter 7, Problem 1(choose chapter or problem)
In Solows classic (1957) study of technical change in the U.S. economy, he suggests the following aggregate production function: q(t) = A(t) f[k(t)], where q(t) is aggregate output per work hour, k(t) is the aggregate capital labor ratio, and A(t) is the technology index. Solow considered four static models, q/A= + ln k, q/A= /k, ln(q/A) = + ln k, and ln(q/A) = + /k. Solows data for the years 1909 to 1949 are listed in Appendix Table F7.2. Use these data to estimate the and of the four functions listed above. [Note: Your results will not quite match Solows. See the next exercise for resolution of the discrepancy.]
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