We introduce and analyze a class of variable elasticity of substitution (VES) production functions for which the substitution parameter varies linearly with the capital-labor ratio around the ...

1. If marginal product is decreasing, then average product must also be decreasing. 2. For a fixed-proportion technology, inputs cannot be substituted for each other in production. 3. The marginal ...

This study involves the estimation of production functions of the Cobb-Douglas type in application to Indian industry. The few studies which have appeared so far on this particular aspect of Indian ...

In my last post on my Debtwatch blog, I finished by saying that the Physiocrats were the only School of economics to properly consider the role of energy in production. They ascribed it solely to ...