Resource Inefficiency and Poor Aggregate Economic Performance in African Countries: The Case of Namibia, 1968-1992
This 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.
|Date of creation:||19 Jul 2003|
|Date of revision:|
|Note:||Type of Document - WordPerfect; prepared on IBM PC - PC; to print on HP/PostScript; pages: 42 ; figures: included. I never published this piece and now Iwould like to reduce mailing and xerox cost by posting it.|
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