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 University Library of Munich, Germany
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: https://EconPapers.repec.org/RePEc:wpa:wuwpem:0511003
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