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Estimates of the long-run growth rate of Singapore with a CES production function

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  • Sriram Shankar
  • B. Bhaskara Rao

Abstract

This article estimates using the Bayesian methods a Constant Elasticity of Substitution (CES) production function for Singapore for 1960--2009. It is found that the elasticity of substitution is 0.6, technical progress is labour augmenting and the Steady-State Growth Rate (SSGR) of Singapore is about 1.8%.

Suggested Citation

  • Sriram Shankar & B. Bhaskara Rao, 2012. "Estimates of the long-run growth rate of Singapore with a CES production function," Applied Economics Letters, Taylor & Francis Journals, vol. 19(15), pages 1525-1530, October.
    • Handle: RePEc:taf:apeclt:v:19:y:2012:i:15:p:1525-1530
    DOI: 10.1080/13504851.2011.637889
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    References listed on IDEAS

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    1. Arto Luoma & Jani Luoto, 2010. "The Aggregate Production Function of the Finnish Economy in the Twentieth Century," Southern Economic Journal, John Wiley & Sons, vol. 76(3), pages 723-737, January.
    2. Dale J. Poirier, 1995. "Intermediate Statistics and Econometrics: A Comparative Approach," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262161494, April.
    3. Rainer Klump & Peter McAdam & Alpo Willman, 2007. "Factor Substitution and Factor-Augmenting Technical Progress in the United States: A Normalized Supply-Side System Approach," The Review of Economics and Statistics, MIT Press, vol. 89(1), pages 183-192, February.
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    Cited by:

    1. Mr. Christopher S Adam & Mr. Edward F Buffie, 2020. "The Minimum Wage Puzzle in Less Developed Countries: Reconciling Theory and Evidence," IMF Working Papers 2020/023, International Monetary Fund.
    2. Mehrdad KHADIMEE, 2016. "The Sources of Economic Growth in Iran’s Economy," Journal of Economics Library, KSP Journals, vol. 3(4), pages 621-631, December.
    3. Cheng, Maolin & Han, Yun, 2020. "Application of a modified CES production function model based on improved PSO algorithm," Applied Mathematics and Computation, Elsevier, vol. 387(C).
    4. Cheng Maolin & Shi Guojun & Han Yun, 2019. "A Modified CES Production Function Model and Its Application in Calculating the Contribution Rate of Energy and Other Influencing Factors to Economic Growth," Journal of Systems Science and Information, De Gruyter, vol. 7(2), pages 161-172, April.
    5. Maolin Cheng, 2019. "A Grey CES Production Function Model and Its Application in Calculating the Contribution Rate of Economic Growth Factors," Complexity, Hindawi, vol. 2019, pages 1-8, April.

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    More about this item

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General

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