ESTIMATION OF ECONOMIC GROWTH USING GREY COBB-DOUGLAS PRODUCTION FUNCTION: AN APPLICATION FOR US ECONOMY

Abstract

Purpose- In this paper, we apply the Grey Cobb-Douglas production model to predict the GDP, examine the effects of the variation rate of capital, and labor inputs to economic growth. Many factors contribute to economic growth, such that technological progress, labor force, capital accumulation, the optimal using of sources, energy, institutional innovation ext. In reality, a variate of economic factors often intertwine with each other.