Study week on the econometric approach to development planning

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Monograph

Identifikator:: 1824422792

URN:: urn:nbn:de:zbw-retromon-217476

Document type:: Monograph

Title:: Study week on the econometric approach to development planning

Place of publication:: Amsterdam [u.a.]

Publisher:: North-Holland Publ. Co. [u.a.]

Year of publication:: 1965

Scope:: XLVII, 1259 S.; graph. Darst.

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

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Title:: The analysis of economic systems / Richard Stone, Cambridge University - Cambridge - Great Britain

Collection:: Economics Books

SEMAINE D'ETUDE SUR LE ROLE DE L ANALYSE ECONOMETRIQUE ETC where A’ is the transpose vector of net outputs, then x if we use vv to denote the (IV. 10) J on premultiplying (IV. 9) by q. The elements of y are now ti. be related to the labour and capital inputs they require. In our original exposition [7] (where, incidentally, we did not distinguish between q and y), we proposed to relate outputs to primary inputs by a modified form of the CoBB-DoUGLAS function. This modification, proposed by PITCHFORD in [31] and by ARROW and others in [1], is designed to generalise the CoB-DoucLas function so that the elasticity of substitu- tion between labour and capital, though still a constant, need no longer be numerically equal to one. This type of function can be written in the form (IV. 1... y. — Lt 0 {. Vs + where the suffix s denotes the s’th element of each vector. Thus y, denotes the net output of industry s, and /, and k, denote respectively the inputs of labour and capital into in- dustry s. The three parameters a, b, and c, can be given an economic connotation: a, is associated with the efficiency with which labour and capital are used in industry s; b, is associated with the shares of labour and capital in the net output of in- dustry s; and c, is associated with the substitution of labour and capital in industry s. The elasticity of substitution between labour and capital in industry s is equal to (1 +c,)7", and so, as c,>o (IV.11), approaches the simple form of the CoBB- DoucLAS function. 1] Stone - pag. 45

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