Gelişmiş ve Gelişmekte Olan Ülkelerde Emek-Sermaye-Enerji Faktörlerinin İkame Esnekliği ve Çıktı Esneklikleri
Year: 2019
Type: article
Abstract: Discussions on the production function have always attracted the attention of economists. The aim of this study is to predict scale elasticity, output elasticity and elasticity of substitution for developed and developing countries, based on Cobb-Douglas, CES and VES production functions. Model has been created for four inputs (labor, capital, natural gas and oil). In the study, linear and nonlinear panel data analysis techniques were used for 22 developed and 12 developing countries by data for the period 1982-2014. Findings obtained from the Cobb-Douglas production function show that output elasticity of capital is higher in developed countries and output elasticity of capital is lower in developing countries. Moreover, while the output elasticity of natural gas consumption was statistically insignificant in the developing country group, the output elasticity of oil consumption was seen to be higher in developed countries. According to the CES production function, the elasticity of substitution between labor and capital was estimated to be greater than one in developed countries. Similarly, the elasticity of substitution between labor and capital was estimated to be smaller than one in developing countries.
Author: Mehmet Songur
Language: Turkish
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W2996648236