Production Functions Estimates for Soviet Industry and Some Implications
This study presents estimation of production functions for the Soviet industry from the 1951—1970 data. Different specifications and estimation procedures were tried. The results diverged on a wide range and this may have serious implications. The paper shows possible effects of different parameter estimates on the growth potential of the Soviet industry as represented by a steady state growth rate according to a very simple neo-classical model. This does not necessarily imply that such a model is truly representative of the Soviet-type economy, however, the growth potential can very well serve to demonstrate the difficulties stemming from the errors in estimated parameters.
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