The Relationship Between Production Inputs, Factor Substitution, and Economic Growth

Year 2022, Volume: 6 Issue: 1, 244 - 253, 31.05.2022

Abdulmecit Yıldırım

https://doi.org/10.33709/ictimaiyat.1095889

Abstract

Üretim faktörleri ve ikame esnekliği ekonomik büyüme muhasebesinde önemli bir rol oynamaktadır. Büyüme muhasebesinde faktörler arasındaki ikame esnekliğinin sabit olduğu üretim fonksiyonları daha sık kullanılsa da esnekliğinin değişken olduğu üretim fonksiyonları da temel alan çalışmalar mevcuttur. Değişken ikame esnekliğine sahip üretim fonksiyonlarının parametrelerde daha fazla esneklik sağladığı için diğer üretim fonksiyonlarına göre daha avantajlıdır. Bunun yanında, çalışmaların çoğu sermaye ile emek arasındaki ikame esnekliğine odaklanmaktadır. Üretim faktörlerini oluşturan alt bileşenlere ilişkin yapılan çalışmalar görece azdı. Bu çalışmada toplam sermaye, kamu sermaye stoku ve özel kesim sermaye stoku olarak iki alt bileşene ayrılarak incelenmiştir. Ampirik sonuçlar genel olarak kamu sermaye stoku ile özel kesim sermaye stoku arasındaki ikame esnekliğini birden küçük olduğunu göstermektedir. Bu bağlamda, kamu sermaye stoku ile özel kesim sermaye stoku nihai mal ve hizmet üretiminde tamamlayıcı girdiler olarak ifade edilebilir. Dolayısıyla, özellikle alt yapıyı iyileştirmeye dönük kamu yatırımları özel yatırımların verimliliğini artırarak ekonomik büyümeyi olumlu etkileyebilir.

Keywords

İkame Esnekliği, Üretim Fonksiyonu, Kamu Sermayesi, Özel Sektör Sermayesi, Ekonomik Büyüme

The Relationship Between Production Inputs, Factor Substitution, and Economic Growth

Abstract

Factors of production and elasticity of substitution play an essential role in economic growth accounting. Although production functions with constant elasticity of substitution between factors are more commonly utilized in growth accounting, studies based on production functions with variable elasticity of substitution are also conducted. Since production functions with variable elasticity of substitution provide more flexibility in parameters, they are more advantageous than other production functions. Besides, most studies focus on the elasticity of substitution between capital and labor. Studies on the sub-components of production factors are relatively few. In this study, capital stock is analyzed by dividing it into two subcomponents as public capital stock and private capital stock. The empirical results, in general, show that the elasticity of substitution between the public capital stock and the private capital stock is less than unity. In this context, public and private capital stock can be expressed as complementary inputs in the final production of goods and services. As a result, public expenditures on infrastructure can boost economic growth by raising the efficiency of private investments.

Keywords

The elasticity of Substitution, Production Function, Public Capital, Private Capital, Economic Growth

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