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A Production Function Explanation of Irish Economic Growth 1951-1984

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  • Mahmud Sadeg

Abstract

This paper provides a first attempt at an explanation of Irish economic growth along the lines proposed by the neo-classical growth theory. Production function estimates for gross domestic product are provided using both Cobb-Douglas and constant elasticity of substitution production functions. A wide range of econometric testing is employed and an error correction mechanism is used to investigate the long-run property of the estimated equation. Both functional forms are estimated using a constant and variant forms of technical progress, and under the assumption of constant and variant returns to scale. Statistical tests show an error correction model is possible only in the case of the Cobb-Douglas production function however the tests illustrate the superiority of the unrestricted Cobb-Douglas production function with the constant rate of technical progress. The result shows an elasticity of output with respect to capital and labour of about 0.34 and 0.67 respectively. Technical progress have a positive contribution to growth rate of output of 1.7% a year.

Suggested Citation

  • Mahmud Sadeg, 1996. "A Production Function Explanation of Irish Economic Growth 1951-1984," Economics Technical Papers 962, Trinity College Dublin, Department of Economics.
    • Handle: RePEc:tcd:tcduet:962
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    Cited by:

    1. Holger Gorg, 2000. "Multinational companies and indirect employment: measurement and evidence," Applied Economics, Taylor & Francis Journals, vol. 32(14), pages 1809-1818.

    More about this item

    JEL classification:

    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • O49 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Other

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