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Aggregate Production Function and Income Identity - Empirical Analysis

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F67985807%3A_____%2F17%3A00475756" target="_blank" >RIV/67985807:_____/17:00475756 - isvavai.cz</a>

  • Alternative codes found

    RIV/60460709:41110/17:73843 RIV/61384399:31140/17:00050404

  • Result on the web

    <a href="http://dx.doi.org/10.20472/ES.2017.6.1.001" target="_blank" >http://dx.doi.org/10.20472/ES.2017.6.1.001</a>

  • DOI - Digital Object Identifier

    <a href="http://dx.doi.org/10.20472/ES.2017.6.1.001" target="_blank" >10.20472/ES.2017.6.1.001</a>

Alternative languages

  • Result language

    angličtina

  • Original language name

    Aggregate Production Function and Income Identity - Empirical Analysis

  • Original language description

    Aggregate production function, especially in its Cobb-Douglas and more general CES form, is still very popular among economists. However there is a huge and long-standing critique regarding the function. The core of the criticism which prevailed until these days is that not only the Cobb-Douglas but also CES aggregate production functions are nothing more than income identity in disguise. Such fact would have serious implications for contemporary macroeconomics - both theory and practice. In this paper we estimated Cobb-Douglas and CES production functions in traditional way. Then we used capital and labour services instead of capital stock and labour. We came to conclusion that to get statistically sound results when elasticities equal factor shares, it is necessary to use the latter approach to deal with the factor´s utilization. However doing so revealed that such modified estimate is really only an estimate of income identity in disguise as predicted by the critique.

  • Czech name

  • Czech description

Classification

  • Type

    J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database

  • CEP classification

  • OECD FORD branch

    10103 - Statistics and probability

Result continuities

  • Project

  • Continuities

    I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Others

  • Publication year

    2017

  • Confidentiality

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Data specific for result type

  • Name of the periodical

    International Journal of Economic Sciences

  • ISSN

    1804-9796

  • e-ISSN

  • Volume of the periodical

    6

  • Issue of the periodical within the volume

    1

  • Country of publishing house

    CZ - CZECH REPUBLIC

  • Number of pages

    17

  • Pages from-to

    1-17

  • UT code for WoS article

    000401912700001

  • EID of the result in the Scopus database