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The role of capital-labour substitution in economic growth

Mallick, Debdulal 2012, The role of capital-labour substitution in economic growth, Indian growth and development review, vol. 5, no. 1, pp. 89-101.

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Title The role of capital-labour substitution in economic growth
Author(s) Mallick, Debdulal
Journal name Indian growth and development review
Volume number 5
Issue number 1
Start page 89
End page 101
Total pages 13
Publisher Emerald Group Publishing Limited
Place of publication Bingley, England
Publication date 2012
ISSN 1753-8254
Keyword(s) Economic growth
CES production function
elasticity of substitution
labour
capital
Summary Purpose – Although the importance of the elasticity of substitution between capital and labour (s) has been recognized in many areas in economics, this parameter has not received enough attention in economic growth. The purpose of this paper is to review the recent development in the importance of s in economic growth.

Design/methodology/approach – This paper specifically reviews the possibility of perpetual growth and slowdown, and the asymptotic behaviour of the balanced growth path for different values of s. It also reviews the determinants of the aggregate s.

Findings – Based on the empirical evidence that the value of s significantly departs from the Cobb-Douglas value of unity, the paper recommends employing the constant elasticity of substitution (CES) production function in both theoretical and empirical growth research.

Originality/value – This paper offers a new perspective on the elasticity of substitution between capital and labour due to its evaluation of various factors, methods and approaches.
Language eng
Field of Research 140202 Economic Development and Growth
Socio Economic Objective 910103 Economic Growth
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2012, Emerald Group Publishing Limited
Persistent URL http://hdl.handle.net/10536/DRO/DU:30046085

Document type: Journal Article
Collections: Faculty of Business and Law
School of Accounting, Economics and Finance
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