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EMPIRICAL EVIDENCE ON DIVERSE FACTOR SHARES ACROSS EU COUNTRIES

100%
Sivák R., Čaplánová A., Holková V., Hofreiter M.
Ekonomický časopis (Journal of Economics)
|
2019
|
vol. 67
|
issue 8
857 – 878
EN
The paper challenges the traditional assumption of stable factor shares introduced in the Cobb-Douglas production function. We analyse factor shares for 20 EU countries among 1995 – 2015 and find evidence for differences in labour shares across both countries and time. On the example of Slovakia, we demonstrate the impact of using different factor shares on output gap estimates quantified to reach up to 0.6 percentage points. Our research also confirms a positive correlation between the degree of economic development and relative labour shares.
2

POLEMIKA O VZTAHU NEOKLASICKÉ PRODUKČNÍ FUNKCE A TEORIE ROZDĚLOVÁNÍ

86%
Nedomlelová I., Kocourek A.
Ekonomický časopis (Journal of Economics)
|
2010
|
vol. 58
|
issue 5
492-511
EN
The neoclassical production function stands for a corner-stone of majority of neoclassical schools of macroeconomics. Its history has been bound with such well-known names as A. Marshall, K. Wicksell, C. Cobb, P. Douglas, P. Samuelson, R. Solow, etc. On the other hand, the neoclassical concept of production function has also faced some criticism during the second half of the 20th century coming especially from Europe (J. Robinson, P. Sraffa, L. Pasinetti, P. Sylos Labini, etc.). No matter how rigorous and robust their reproaches were, their critical opinions have never been really reflected in the mainstream economics. The article reopens the debate on validity of presumptions of the neoclassical concept of production function and theory of distribution. Its authors bring objective and unbiased view of the centennial history of various production functions, they show their relations to theories of distribution, and by doing so they hope to attract attention of contemporary economists to the old and yet unsettled issues.
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