![]() ![]() Brockway, Paul E., Harry Saunders, Matthew K.“Serial Correlation and the Fixed Effects Model.” The Review of Economic Studies 49(4):533–49. “The Internal Structure of Functional Relationships: Separability, Substitution, and Aggregation.” The Review of Economic Studies 40(3):410. ![]() “Renewable and Non-Renewable Energy Consumption and Economic Growth in G7 Countries: Evidence from Panel Autoregressive Distributed Lag (P-ARDL) Model.” International Economics and Economic Policy 17(1):241–58. Behera, Jaganath, and Alok Kumar Mishra.“A New Data Set of Educational Attainment in the World, 1950-2010.” Journal of Development Economics 104:184–98. In addition, insufficient capital in these countries can be compensated by labor and/or energy. Capital, labor and energy consumption inputs of these economies have a positive impact on GDP. The total share of all production factors is 1.203 and there is an increasing return to scale. Substitution elasticity of capital, labor and energy consumption inputs in Cobb - Douglas production function is 0.602, 0.455, 0.147, respectively, which means that the economies of developing countries are capital intensive. In this study, linear panel data analysis techniques were used for 22 developing countries with the data of the 1980-2016 period. For this purpose, the Cobb - Douglas production model was created using capital, labor and energy consumption inputs. This study aims to estimate the Cobb - Douglas production function in developing countries by using capital, labor and energy consumption input factors and investigate the effect of economic input factors on economic growth. Gross Domestic Product (GDP) is an indicator of economic growth. The characteristics of this relationship can be expressed in three different concepts, scale flexibility, output flexibility and substitution flexibility, respectively. The production function is a mathematical expression that shows the relationship between inputs and outputs. Discussions on the production function have always taken care of the attention of economists.
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