Production Functions Estimates for Soviet Industry and Some Implications
Oldrich Kyn (),
Hans-Juergen Wagener and
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Hans-Juergen Wagener: Europa Universitat Viadrina, Frankfurt Oder
Joerg Hocke: ----
Econometrics from EconWPA
This study presents estimation of production functions for the Soviet industry from the 1951—1970 data. Different specifications and estimation procedures were tried. The results diverged on a wide range and this may have serious implications. The paper shows possible effects of different parameter estimates on the growth potential of the Soviet industry as represented by a steady state growth rate according to a very simple neo-classical model. This does not necessarily imply that such a model is truly representative of the Soviet-type economy, however, the growth potential can very well serve to demonstrate the difficulties stemming from the errors in estimated parameters.
Keywords: Production Function; Cobb-Douglas; CES; Growth Model (search for similar items in EconPapers)
JEL-codes: C1 C2 C3 C4 C5 C8 (search for similar items in EconPapers)
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Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpem:0511003
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