Erkin I. Bairam
Abstract
ABSTRACT This paper tests aggregate Variable Elasticity of Substitution production functions for the Soviet economy. The estimated equations show that the elasticity of substitution is less than unity and is decreasing quite rapidly.
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ABSTRACT This paper tests aggregate Variable Elasticity of Substitution production functions for the Soviet economy. The estimated equations show that the elasticity of substitution is less than unity and is decreasing quite rapidly.
Key concepts: Elasticity of substitution, Economics, Slowdown, Substitution (logic), Elasticity (physics), Capital (architecture), Substitution effect, Production (economics)