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The main objective of the study is to determine the degree of influence of labor and investment in fixed capital on the total volume of output in Kazakhstan. The paper uses the multiple regression analysis method based on the Cobb-Douglas production function. The results of the empirical analysis showed that with a change in investment in fixed capital by 1%, the volume of production will increase by an average of 0.747%. Accordingly, with a change in the number of employed people by 1%, the volume of production will increase by an average of 2.589%. The study revealed a low contribution of technological progress to the development of the manufacturing industry. Based on the analysis, a conclusion was made about the presence of increasing returns to the scale of production, since the sum of the elasticity coefficients of production for capital and labor is greater than one. The high rate of contribution to labor costs (2.589%) indicates that the growth of labor intensity in the manufacturing industry of Kazakhstan has a stimulating effect on the economic growth of production, and also brings a positive economic effect to production.
Atabayeva et al. (Wed,) studied this question.