A physical production function for the US economy

被引：2
|
作者：
Thompson, Henry [1 ]
机构：
[1] Auburn Univ, Dept Econ, Haley Ctr, Auburn, AL 36849 USA
来源：
ENERGY ECONOMICS | 2016年 / 56卷
关键词：
Macroeconomic production; Substitution; Energy; ENERGY SUBSTITUTION; TRANSLOG;
D O I：
10.1016/j.eneco.2016.03.016
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper introduces and presents an estimate of a production function motivated by physics with labor and energy providing force to produce work. The separate interactions of capital with labor and energy lead to reliable estimates for US output from 1951 to 2008 with fixed capital assets, the labor force, and total Btu energy inputs. Underpaid energy has an output elasticity twice that of labor. Overpaid labor faces elastic own substitution while there is weak substitution for capital. The policy implications of these properties are discussed. (C) 2016 Elsevier B.V. All rights reserved.
引用
收藏
页码：185 / 189
页数：5
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