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Long Run Profit Maximization in Turkish Manufacturing Sector

In: Proceedings of the Conference on Human and Economic Resources

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Author Info

  • Önder Hanedar

    (Dokuz Eylül University)

  • Elmas Yaldýz

    (Izmir University of Economics)

  • Özgül Bilici

    (Dokuz Eylül University)

  • Onur Akkaya

    (Dokuz Eylül University)

Registered author(s):

    Abstract

    The equilibrium concept is the most important subject for economic theory. The importance of this concept arises in determination of functional structures of the economic variables. Jenkinson (1986) has estimated the long term labour demand function and rationalisation mechanism by using co-integration technique. By focusing on different aspects of rationalisation mechanism in the long run and time series econometrics in formulating and testing this relationship, ACMS (Arrow, Chenery, Minhas, Solow), CES (Constant Elasticity of Substitution) Production Function and co-integration technique are to be employed in this research in particular. The purpose of this research is to investigate whether the long-run equilibrium implied by profit maximization is valid for the Turkish manufacturing industry for the period of 1950-2001 or not. During this period, Turkish economy has undergone important structural changes, for example the implementation of liberalization policies after 1980s. Thus, the possible effects of economic policy implementation over the profit maximization in the Turkish Manufacturing sector will also be studied by using new time series techniques such as Zivot and Andrews(1992) unit root test and Gregory-Hansen (1996) co-integration tests. Because most of the previous studies about this issue are concentrated in developed countries and there has been little research on Turkish manufacturing sector, this study’s contribution is important.

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    Bibliographic Info

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    This chapter was published in:

  • Oguz Esen & Ayla Ogus (ed.), 2006. "Proceedings of the International Conference on Human and Economic Resources," Proceedings of the IUE-SUNY Cortland Conference in Economics, Izmir University of Economics, number 2006.
    This item is provided by Izmir University of Economics in its series Papers of the Annual IUE-SUNY Cortland Conference in Economics with number 200620.

    Handle: RePEc:izm:prcdng:200620

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    Postal: Sakarya Caddesi, No:156 35330 Balçova - İzmir
    Fax: (90) 232 279 2626
    Web page: http://eco.ieu.edu.tr
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    Keywords: manufacturing industry; Turkey; CES;

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