Resource Inefficiency and Poor Aggregate Economic Performance in African Countries: The Case of Namibia, 1968-1992
AbstractThis essay develops a transcendental variable elasticity of substitution (Trans-VES) production function in which hypotheses concerning scale, output-input, and substitution, elasticities can be examined. The objective is to determine the impacts of domestic resources on the pattern of economic performance. Using aggregate data for Namibia during the 1968-1992 period, the analysis find constant return to scale pre- 1980, followed by diminishing returns to scale post-1980, representing a switch from flexible to rigid substitutes (complements), along with limited technical progress. The shift indicates widespread inefficiencies, and recommend resource improvement.
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Bibliographic InfoPaper provided by EconWPA in its series Development and Comp Systems with number 0307005.
Length: 42 pages
Date of creation: 19 Jul 2003
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Trans-VES production function resource inefficiency and economic performance Namibia Africa;
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