On a Production Function of European Countries: An Empirical Study
The aim of this paper is to examine the goodness‑of‑fit of several aggregated production functions including the Cobb‑Douglas function, the Mankiw, Romer and Weil model, or Mincer’s specification for a set of 30 European countries during the period 2006–2015. The dependent variable was economic outp...
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| Format: | Article |
| Language: | English |
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Lodz University Press
2018-10-01
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| Series: | Comparative Economic Research |
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| Online Access: | https://czasopisma.uni.lodz.pl/CER/article/view/3671 |
| _version_ | 1819126367806029824 |
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| author | Jiří Mazurek |
| author_facet | Jiří Mazurek |
| author_sort | Jiří Mazurek |
| collection | DOAJ |
| description | The aim of this paper is to examine the goodness‑of‑fit of several aggregated production functions including the Cobb‑Douglas function, the Mankiw, Romer and Weil model, or Mincer’s specification for a set of 30 European countries during the period 2006–2015. The dependent variable was economic output measured in real GDP, while the set of independent variables included labour, physical capital, human capital, labour productivity or technology level. The main finding of the paper is that all the above‑mentioned aggregate production functions fitted the data exceptionally well, with the adjusted coefficients of determination above 0.95. Also, it was found that the inclusion of other macroeconomic variables, such as labour productivity, human capital or technology level to the two‑factor Cobb‑Douglas function did not result in a significantly better goodness‑of‑fit. |
| first_indexed | 2024-12-22T07:54:55Z |
| format | Article |
| id | doaj.art-d132e67146f441f0a4fc12886e865d2d |
| institution | Directory Open Access Journal |
| issn | 1508-2008 2082-6737 |
| language | English |
| last_indexed | 2024-12-22T07:54:55Z |
| publishDate | 2018-10-01 |
| publisher | Lodz University Press |
| record_format | Article |
| series | Comparative Economic Research |
| spelling | doaj.art-d132e67146f441f0a4fc12886e865d2d2022-12-21T18:33:23ZengLodz University PressComparative Economic Research1508-20082082-67372018-10-01212253510.2478/cer-2018-00093671On a Production Function of European Countries: An Empirical StudyJiří Mazurek0Silesian University in Opava, School of Business Administration in Karviná, Department of Informatics and Mathematics, Opava, Czech RepublicThe aim of this paper is to examine the goodness‑of‑fit of several aggregated production functions including the Cobb‑Douglas function, the Mankiw, Romer and Weil model, or Mincer’s specification for a set of 30 European countries during the period 2006–2015. The dependent variable was economic output measured in real GDP, while the set of independent variables included labour, physical capital, human capital, labour productivity or technology level. The main finding of the paper is that all the above‑mentioned aggregate production functions fitted the data exceptionally well, with the adjusted coefficients of determination above 0.95. Also, it was found that the inclusion of other macroeconomic variables, such as labour productivity, human capital or technology level to the two‑factor Cobb‑Douglas function did not result in a significantly better goodness‑of‑fit.https://czasopisma.uni.lodz.pl/CER/article/view/3671cross‑sectional studyproduction functioneuropean countries |
| spellingShingle | Jiří Mazurek On a Production Function of European Countries: An Empirical Study Comparative Economic Research cross‑sectional study production function european countries |
| title | On a Production Function of European Countries: An Empirical Study |
| title_full | On a Production Function of European Countries: An Empirical Study |
| title_fullStr | On a Production Function of European Countries: An Empirical Study |
| title_full_unstemmed | On a Production Function of European Countries: An Empirical Study |
| title_short | On a Production Function of European Countries: An Empirical Study |
| title_sort | on a production function of european countries an empirical study |
| topic | cross‑sectional study production function european countries |
| url | https://czasopisma.uni.lodz.pl/CER/article/view/3671 |
| work_keys_str_mv | AT jirimazurek onaproductionfunctionofeuropeancountriesanempiricalstudy |