Imports and energy-demand functions: a translogarithmic cost-function approach, Greece 1953-1977
Two alternative models are used to study the structure of the Greek aggregate economy, 1953-1977. Attention is focused on the properties of imports as a factor of production, and on the role of energy as an input. For both models a translog cost-function specification is used. The translog cost function is superior to the traditional Cobb-Douglas and CES functions in that it imposes no a priori restrictions on separability or on the Allen-Uzawa partial elasticities of substitution. Previous studies engaged with the Greek manufacturing sector only have used the CES production function in a two-input, one-output specification. The present study is a substantial extension and improvement over the existing studies due to the information provided by the flexible translogarithmic function and due to the incorporation of additional inputs. Model I is based on a two-output and three-input specification. Output consists of consumption and investment goods produced by the primary inputs, capital and labor, and imports which are treated as a third factor of production. Model II introduces energy in lieu of imports and studies the way this non-primary input interacts with primary factors of production. The incorporation of imports, especially after the full association of Greece with the European Economic Community, and of energy, after the drastic increases in the price of oil internationally, makes this study important.
- OSTI ID:
- 7092736
- Resource Relation:
- Other Information: Thesis (Ph. D.)
- Country of Publication:
- United States
- Language:
- English
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