Research on the Influence of Land Factor on Hunan's Urban Economic Growth

Land is a kind of scarce resource,the influence of which on economic growth has attracted more and more attention.In this paper,land is seen as a kind of factor of production,just like capital and labor. The paper researched the impact of land on urban economy,based panel data of 13 cities in Hunan Province from 2001 to 2012. The result showed that there is a co-integration relationship between land factor and urban economic growth. The estimation results from extended Cobb-Douglas production function suggested that the output elasticity of land factor is 0.4036, its average contribution rate to the urban economic growth in Hunan Province is 16.93%, and there are big differences among regions. In addition,the study revealed that capital is still the first driving force for economic growth in Hunan Province,while the contribution of labor to economic growth is in the low level,and the driving force from TFP to economy is second only to capital. Corresponding policy recommendations are put forward for the relevant conclusions.