Cobb-Douglas Production Function Applied to Describing Structures of Education Output, Resources Allocation and Economic Growth in China

摘要

This paper bases on the classical Cobb-Douglas production function, taking into consideration the effect that different types of education system may cause to the effective supply human capital, and lays emphasis on the impacts of the structure of education output (including general higher education and vocational education), technological progress and resource allocation between productive capital and technology funding inputs to economic growth. Then it conducts an empirical analysis, draws a conclusion that from the perspective of long-run economic growth, the government should increase inputs in general higher education to assure the cost effectiveness of education.