New Measures of Factor Productivity in Australia: A Sato Approach

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Makin, Anthony J
Strong, Sam
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2013
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Abstract

This paper derives new results of the elasticity of substitution between capital and labour and factor productivity in Australia since the mid-1960s using a Sato production function specification. This specification has unique properties that enable estimation of capital-labour substitution elasticity and changing marginal productivities through time. These estimates reveal that the substitution elasticity and labour productivity rose significantly and remained elevated during a major economic reform period throughout the 1980s and 1990s. A novel contribution of the paper is the depiction of production isoquants to convey how combining labour and capital to produce real GDP has changed over recent decades.

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Applied Economics

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45

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17

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© 2013 Taylor & Francis. This is an electronic version of an article published in Applied Economics, Vol 45 (17), 2013, pp.2413-2422. Applied Economicsis available online at: http://www.tandfonline.com with the open URL of your article.

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Applied economics

Macroeconomics (incl. monetary and fiscal theory)

Econometrics

Banking, finance and investment

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