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The technological theory of production and a method of decomposition of the rate of GDP in terms of labour and capital services

  • Vladimir Pokrovski
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    It is assumed that performance of production system can be described with the three variables: amount of production equipment -- capital stock $K$ and 'consumption' of labour L and capital services S. It is shown that the production function can be specified as the known Cobb- Douglas production function, in which capital services S stands instead of capital stock K, while the state of the production system itself is specified by the technological index 'alpha'. Capital stock plays the role of the means through which the labour resource is substituted by capital services. A method for estimating of capital services and the technological index due to known time series of the output Y, capital stock K and labour L is developed which allows one to separate contributions from production factors and structural change. Empirical evidence for the US economy is used to estimate the validity of the proposed theory.

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    File URL: http://128.118.178.162/eps/mic/papers/0312/0312001.pdf
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    Paper provided by EconWPA in its series Microeconomics with number 0312001.

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    Length: 16 pages
    Date of creation: 08 Dec 2003
    Date of revision: 18 Feb 2004
    Handle: RePEc:wpa:wuwpmi:0312001
    Note: Type of Document - Acrobat PDF; prepared on Win98; to print on Star Win Type; pages: 16; figures: 7 (included in file). Acrobat PDF Document
    Contact details of provider: Web page: http://128.118.178.162

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    1. Robert M. Solow, 1994. "Perspectives on Growth Theory," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 45-54, Winter.
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