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Alternative Measures of Rate of Capacity Utilization for the Turkish Economy: A Comparative Analysis in Means of Adequacy for Empirical Investigation and Growth Models

Benan Eres

Sosyoekonomi Journal, 2011, issue 16(16)

Abstract: This study aims at calculating the rate of capacity utilization for the Turkish economy with the cointegration method which is based on the relation between capital stock and the output and compare it with several other measures. The cointegration method is developed in accordance with the long run perspective of the classical/Marxian conceptualization. It also takes into account the Keynesian short-run cycles. For comparative purposes the Wharton index and the output-capital ratio measures are also calculated. These three measures as well as the available series based on the survey data are compared and contrasted to each other. The cointegration measure proves to be the most adequate measure in means of the classical/Marxian long-run as well as the Keynesian short-run theoretical considerations. Together with its technical simplicity in compilation and calculation as compared to the widely used survey based series its theoretical advantages makes it the best measure for use in empirical investigations and macroeconomic modeling.

Keywords: Capacity; Rate of Capacity Utilization; Turkish Economy; Cointegration Measure; Wharton Index; Classical Economic Theory; Post-Keynesian Economic Theory. (search for similar items in EconPapers)
JEL-codes: B12 E22 E32 N14 O52 (search for similar items in EconPapers)
Date: 2011
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