RESOURCE PRODUCTIVITIES AND PRODUCTION FUNCTIONS
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This paper is mainly intended to provide a vehicle for discussion of recent research in measuring resource productivity using what has come to be known in agricultural economics as the Cobb-Douglas approach. I have attempted to draw together most of the points that have been raised by others together with some comments. The organisation of the discussion has been to give a brief historical background to this type of work and then to consider the economic and statistical difficulties involved in fitting empirical production functions. Finally, the use of the results of such work in assisting policy decisions both by the community and the individual farmer is considered.