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Elasticity of Substitution for Production Functions in Romania and other Countries

Author

Listed:
  • Gheorghe Zaman

    (Membru corespondent al Academiei Romane)

  • Zizi Goschin

    (Academy of Economic Studies, Bucharest)

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.

Suggested Citation

  • Gheorghe Zaman & Zizi Goschin, 2007. "Elasticity of Substitution for Production Functions in Romania and other Countries," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 2(2(507)), pages 3-12, February.
    • Handle: RePEc:agr:journl:v:2(507):y:2007:i:2(507):p:3-12
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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," MPRA Paper 31474, University Library of Munich, Germany, revised 10 Jun 2011.

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