The Intensity of using production factors in Romania. Estimates from Cobb-Douglas and CES Models
The production function explains 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...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Romanian Academy
2007-12-01
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| Series: | Revista Romana de Economie |
| Subjects: | |
| Online Access: | http://www.revecon.ro/articles/2007-2/2007-2-1.pdf |
| _version_ | 1818541764081876992 |
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| author | Gheorghe Zaman Zizi Goschin |
| author_facet | Gheorghe Zaman Zizi Goschin |
| author_sort | Gheorghe Zaman |
| collection | DOAJ |
| description | The production function explains 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 research we have used aggregate production functions of Cobb-Douglas type in different time-series and cross-section analysis of Romania’s economic growth from the standpoint of the intensity of using capital and labour factors, as determinant elements for the level of production and GDP. We have also 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 the 1990-2005 period, we have performed time-series and cross-section analysis based on the aggregated production functions at the national level. |
| first_indexed | 2024-12-11T22:13:27Z |
| format | Article |
| id | doaj.art-1f3177dacff54d239c85f922391dc219 |
| institution | Directory Open Access Journal |
| issn | 1220-5567 |
| language | English |
| last_indexed | 2024-12-11T22:13:27Z |
| publishDate | 2007-12-01 |
| publisher | Romanian Academy |
| record_format | Article |
| series | Revista Romana de Economie |
| spelling | doaj.art-1f3177dacff54d239c85f922391dc2192022-12-22T00:48:42ZengRomanian AcademyRevista Romana de Economie1220-55672007-12-01252521The Intensity of using production factors in Romania. Estimates from Cobb-Douglas and CES ModelsGheorghe ZamanZizi GoschinThe production function explains 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 research we have used aggregate production functions of Cobb-Douglas type in different time-series and cross-section analysis of Romania’s economic growth from the standpoint of the intensity of using capital and labour factors, as determinant elements for the level of production and GDP. We have also 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 the 1990-2005 period, we have performed time-series and cross-section analysis based on the aggregated production functions at the national level.http://www.revecon.ro/articles/2007-2/2007-2-1.pdfProduction functionelasticity of substitutionCobb-DouglasCEScapital and labourtechnological change |
| spellingShingle | Gheorghe Zaman Zizi Goschin The Intensity of using production factors in Romania. Estimates from Cobb-Douglas and CES Models Revista Romana de Economie Production function elasticity of substitution Cobb-Douglas CES capital and labour technological change |
| title | The Intensity of using production factors in Romania. Estimates from Cobb-Douglas and CES Models |
| title_full | The Intensity of using production factors in Romania. Estimates from Cobb-Douglas and CES Models |
| title_fullStr | The Intensity of using production factors in Romania. Estimates from Cobb-Douglas and CES Models |
| title_full_unstemmed | The Intensity of using production factors in Romania. Estimates from Cobb-Douglas and CES Models |
| title_short | The Intensity of using production factors in Romania. Estimates from Cobb-Douglas and CES Models |
| title_sort | intensity of using production factors in romania estimates from cobb douglas and ces models |
| topic | Production function elasticity of substitution Cobb-Douglas CES capital and labour technological change |
| url | http://www.revecon.ro/articles/2007-2/2007-2-1.pdf |
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