Capital-Labor Substitution and Economic Efficiency

K. J. Arrow; Hollis B. Chenery; B. S. Minhas; Robert M. Solow

doi:10.2307/1927286

August 1, 1961The Review of Economics and Statistics

Capital-Labor Substitution and Economic Efficiency

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Key Points

To analyze the elasticity of substitution between capital and labor across manufacturing sectors and evaluate its impact on production theory, income distribution, and technological progress.
Evaluated theoretical models of production and functional income distribution.
Analyzed multiple classes of production functions representing capital and labor inputs.
Estimated elasticity of substitution parameters within manufacturing industries.
Demonstrated that the elasticity of substitution between capital and labor critically governs the functional distribution of income between wages and capital returns.
Characterized how differential substitution capabilities and technological progress determine international competitive advantages in manufacturing.

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Implication

Theoretical and empirical analysis examines capital-labor substitution in manufacturing, highlighting determinants of international competitive advantage.

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Arrow et al. (1961) studied this question.

synapsesocial.com/papers/69dca8b97873f5f05b133820 https://doi.org/10.2307/1927286

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Capital-Labor Substitution and Economic Efficiency

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Capital-Labor Substitution and Economic Efficiency

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