Premium
CAPITAL‐LABOUR SUBSTITUTION AND SLOWDOWN IN SOVIET ECONOMIC GROWTH: A RE‐EXAMINATION
Author(s) -
Bairam Erkin
Publication year - 1990
Publication title -
bulletin of economic research
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.227
H-Index - 29
eISSN - 1467-8586
pISSN - 0307-3378
DOI - 10.1111/j.1467-8586.1990.tb00292.x
Subject(s) - elasticity of substitution , economics , slowdown , substitution (logic) , elasticity (physics) , capital (architecture) , substitution effect , production (economics) , macroeconomics , keynesian economics , microeconomics , thermodynamics , economic growth , history , physics , archaeology , computer science , programming language
This paper tests aggregate Variable Elasticity of Substitution production functions for the Soviet economy. The estimated equations show that the elasticity of substitution is less than unity and is decreasing quite rapidly.