A production function with variable elasticity of substitution greater than one

Constantin Chilarescu

Papers from arXiv.org

Abstract: The idea of this paper comes from the famous remark of Piketty and Zuckman: "It is natural to imagine that $\sigma$ was much less than one in the eighteenth and nineteenth centuries and became larger than one in the twentieth and twenty-first centuries. One expects a higher elasticity of substitution in high-tech economies where there are lots of alternative uses and forms for capital." The main aim of this paper is to prove the existence of a production function of variable elasticity of substitution with values greater than one.

Date: 2021-03
New Economics Papers: this item is included in nep-his
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Journal Article: A production function with variable elasticity of substitution greater than one (2021)
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