Technical Change as Exogenous or Endogenous Factor in the Production Function Models. Empirical Evidence from Romania
Gheorghe Zaman and
Journal for Economic Forecasting, 2010, issue 2, 29-45
As technical change is nowadays largely accepted to be an engine of economic growth, researchers have tried to include it explicitly in the economic growth models, either as an exogenous or endogenous factor of influence. Using the framework of the aggregate Cobb-Douglas production function in its classical form, as well as in several refined variants, we estimated the elasticities of production factors for Romania over the 1990-2007 period, finding that technical progress has had a small contribution to the economic growth.
Keywords: technical change; R&D; exogenous and endogenous factors; growth models; Cobb-Douglas production function (search for similar items in EconPapers)
JEL-codes: O30 O47 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:rjr:romjef:v::y:2010:i:2:p:29-45
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