Under the assumption of competitive markets, the usual growth accounting equation using Cobb-Douglass function is as follows:
$\Delta Y/Y = \Delta A/A+w_l\Delta L/L+w_k\Delta K/K$
$Y$ is output
$K$ & $L$ are factors of production
- $w_i$s are constant factor shares
Almost all empirical papers I've read so far assume constant factor share values $w_i$s regardless of the sample span. Usually the papers assume $w_l=0.7$ and $w_k=0.3$. I believe the results would be different if we let the factor share values vary over time in the growth accounting exercises.
Does anyone know of paper(s) that use growth accounting method by utilising actual data on factor shares?