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Elasticity of Substitution for Production Functions in Romania and other Countries

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Author Info

  • Gheorghe Zaman

    (Membru corespondent al Academiei Romane)

  • Zizi Goschin

    (Academia de Studii Economice Bucuresti)

Abstract

The production function is explaining the mechanism through which inputs are changed into outputs and the partial efficiency of labour and capital. It also allows for understanding the elasticity of substitution, which measures the percentage change in factor proportions due to a percentage change in the marginal rate of technical substitution. In this study we have applied the two factor Constant Elasticity of Substitution (CES) production function, which is considered to be the generalised form of the Cobb-Douglas function. Using the available statistical data regarding Romania's economy in 1990-1005 period, we have performed time-series and cross-section analysis based on the aggregated production functions at national level.

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Bibliographic Info

Article provided by Asociatia Generala a Economistilor din Romania - AGER in its journal Theoretical and Applied Economics.

Volume (Year): 2(507) (2007)
Issue (Month): 2(507) (February)
Pages: 3-12

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Handle: RePEc:agr:journl:v:2(507):y:2007:i:2(507):p:3-12

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Related research

Keywords: production function; elasticity of substitution; Cobb-Douglas; CES; capital and labour.;

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Cited by:
  1. Matei, Ani & Matei, Lucica, 2010. "Reducing the administrative expenditures as source for increasing the efficiency of local governance under conditions of the financial crisis," MPRA Paper 23085, University Library of Munich, Germany, revised 05 May 2010.
  2. Matei, Ani & Matei, Lucica, 2011. "Knowledge Marketing and Development in the new Knowledge-based Economy," Apas Papers 333, Academic Public Administration Studies Archive - APAS.

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