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• W1576958567 abstract "Research on the elasticity of substitution between capital and labor - a3C3 - has been proceeding for 75 years. While there is clearly a strong case for the importance of a3C3 in the analysis of growth and other economic issues, much less agreement exists on the value of a3C3. This paper offers some perspectives on prior estimates of a3C3, emphasizing the fundamental tension between the short-run data that are available and the long-run parameter that is required. Estimates of a3C3 based on various short-run and long-run models are discussed and, while the estimates range widely, the weight of the evidence suggests a value of a3C3 in the range of 0.40 to 0.60. There is little evidence to sustain the assumption of a Cobb-Douglas production function." @default.
• W1576958567 created "2016-06-24" @default.
• W1576958567 creator A5083131832 @default.
• W1576958567 date "2008-02-01" @default.
• W1576958567 modified "2023-09-24" @default.
• W1576958567 title "The Long and Short of it" @default.
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