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A Dual Elasticity of Substitution Production Function with an Application to Cross Country Inequality

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Author Info

  • Juergen Antony

Abstract

This paper develops a production function which two separate elasticities of substitution between two input factors. One of these elasticities is obtained if the factor intensity equals a particular baseline value. The second part of the paper gives an economic application and shows the theoretical properties of this production function regarding the development of relative capital intensities and relative production per efficiency unit of labor. Inequality across countries widens in transition to the steady state. Panel data on the development of these relative figures seem to support the implications of the above production function.

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File URL: http://www.bgpe.de/texte/DP/031_antony.pdf
File Function: First version, 2007
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Bibliographic Info

Paper provided by Bavarian Graduate Program in Economics (BGPE) in its series Working Papers with number 031.

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Length: 10 pages
Date of creation: Aug 2007
Date of revision:
Handle: RePEc:bav:wpaper:031_antony

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Web page: http://www.bgpe.de/
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Related research

Keywords: Capital and labor substitution; cross country inequality;

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References

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  1. Klump, Rainer & Preissler, Harald, 2000. " CES Production Functions and Economic Growth," Scandinavian Journal of Economics, Wiley Blackwell, vol. 102(1), pages 41-56, March.
  2. Daron Acemoglu & Philippe Aghion & Fabrizio Zilibotti, 2006. "Distance to Frontier, Selection, and Economic Growth," Journal of the European Economic Association, MIT Press, vol. 4(1), pages 37-74, 03.
  3. Duffy, John & Papageorgiou, Chris, 2000. " A Cross-Country Empirical Investigation of the Aggregate Production Function Specification," Journal of Economic Growth, Springer, vol. 5(1), pages 87-120, March.
  4. Olivier de La Grandville & Rainer Klump, 2000. "Economic Growth and the Elasticity of Substitution: Two Theorems and Some Suggestions," American Economic Review, American Economic Association, vol. 90(1), pages 282-291, March.
  5. Charles I. Jones, 2003. "Growth, capital shares, and a new perspective on production functions," Proceedings, Federal Reserve Bank of San Francisco, issue Nov.
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Cited by:
  1. T.V.S.Ramamohan Rao, 2011. "Contemporary Relevance and Ongoing Controversies Related to the CES Production Function," Journal of Quantitative Economics, The Indian Econometric Society, vol. 9(2), pages 36-57, July.

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