In economics, the Cobb-Douglas functional form of production functions's widely used to represent the relationship of an output to inputs. It was proposed by Knut Wicksell (1851-1926), and tested against statistical evidence by Charles Cobb and Paul Douglas in 1900-1928. For production, the function's » Y = ALαKβ, where: Y = total production (the monetary value of all goods produced in a year) L = labor input K = capital input A = total factor productivity α and β are… (More on Cobb-douglas)