PREDICTION OF GROSS DOMESTIC PRODUCT (GDP) BY USING GREY COBB-DOUGLAS PRODUCTION FUNCTION

Authors : Omer ONALAN, Hulya BASEGMEZ

Pages : 18-23

Doi:10.17261/Pressacademia.2018.850

View : 15 | Download : 12

Publication Date : 2018-09-01

Article Type : Research Paper

Abstract :Purpose- In this paper, we investigate the Grey Cobb-Douglas production model applicable to estimation of economical indicators. Methodology- In the multi regression model, explanatory variables for estimation of future value of indicatiors is estimated by using Grey Cobb-Douglas model. Findings- GDP is an indicator for economic growth. We are used the annual data of United State of American economy for 1951 to 2008 and estimated the 2009-2018 years. The sum of the contributions of factors is 1.497 and greater than one, so it shows increasing return to scale. Conclusion- The percentage of the increase in GDP is greater than that of the increase in capital stock and labor.
Keywords : Cobb Douglas production function, economic growth