Artha Vijnana: Journal of The Gokhale Institute of Politics and Economics

Debesh Chakrabarty

Abstract

Over the last fifty years an extensive amount of literature has developed centering around the theory of production. Earlier research work in this area concentrated largely on a few specific functional forms for the production relationship, the two most popular being the Cobb-Douglas and CES models (Cobb-Douglas (1928) and Arrow and others (1961). The CES form has shown considerable flexibility in modelling the technology for a firm producing a single output using two inputs.

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