Growth Paths in the Solow Model with Alternative Trajectories of the Number of Workers

2017 ◽  
Vol 64 (1) ◽  
pp. 21-40
Author(s):  
Katarzyna Filipowicz ◽  
Robert Syrek ◽  
Tomasz Tokarski
Keyword(s):  
Comparative Analysis ◽  
Labor Productivity ◽  
Special Functions ◽  
Error Function ◽  
Solow Model ◽  
Macroeconomic Variables ◽  
Solow Growth Model ◽  
Nonstandard Growth ◽  
Labor Ratio ◽  
Capital Labor Ratio

The aim of the study is a comparative analysis of growth paths of basic macroeconomic variables (labor productivity and capital labor ratio) in the Solow growth model with three alternative assumptions about the trajectory of the number of workers. There are standard trajectory (the number of workers increasing exponentially), logistics trajectory (the number of workers is growing to the certain asymptote) and so-called Gaussian trajectory (the number of workers is similar to the density function of Gaussian distribution). In the result, nonstandard growth paths of macroeconomic variables are defined by certain functions compose with hypergeometric function and Gauss error function (so called Gaussian special functions). Moreover, labor productivity and capital labor ratio for logistic trajectory is growing to asymptote, which is located higher than in the original Solow model. The labor productivity and capital labor ratio for Gaussian trajectory of the number of workers increase to infinity.

Effects of Human Capital on Profits of Russia’s Enterprises and Organizations

2015 ◽  
Vol 3 (5) ◽  
pp. 17-19
Author(s):  
Басовская ◽  
Elena Basovskaya
Keyword(s):  
Human Capital ◽  
Labor Productivity ◽  
Educational Level ◽  
Econometric Models ◽  
Capital Assets ◽  
Labor Ratio ◽  
Capital Labor Ratio ◽  
Basic Capital

Through econometric models construction the author evaluates the effects of capital-labor ratio and human capital, where the latter is characterized by the employees’ educational level, on profits of enterprises and organizations, operating in Russia. In 2009 the capital-labor ratio and the human capital, as estimated by the employees’ educational level, could be considered responsible for no less, than 39% of profitability of enterprises and organizations. For the most part this effect is due to the capital-labor ratio, while the lesser, though essential part of the said effect is due to the employees human capital. It is shown, that the elasticity of profit in terms of employees human capital exceeds manifold the profit elasticity in terms of capital-labor ratio, meaning that the effect of changes in human capital level on the labor productivity exceeds manifold that of changes in capital-labor ratio. Therefore, to enhance the human capital through better education of employees is more beneficial, than to increase investments in basic capital assets.

Labor Productivity Elasticity by Production Factors in the Central Federal District of Russia

2020 ◽  
Vol 8 (4) ◽  
pp. 12-16 ◽  
Author(s):  
Elena Basovskaya ◽  
Leonid Basovskiy
Keyword(s):  
Labor Productivity ◽  
Positive Impact ◽  
Federal District ◽  
Developed Countries ◽  
Central Federal District ◽  
Production Factors ◽  
Labor Ratio ◽  
Capital Labor Ratio ◽  
Wide Range ◽  
Positive Effect

To identify the determinants of labor productivity, correlation between labor productivity and various indicators were evaluated, reflecting the influence of a wide range of socio-economic and innovative factors in the regions of Russia for 2015-2018. It has been established that many indicators characterizing socio-economic and innovative factors do not have a significant relationship with labor productivity and are multicollenarity (they have correlation relationships among themselves). For each year, according to statistics from the regions of the Central Federal District of Russia, econometric models constructed in the form of a well-known standard internal linear function - an analogue of the Cobb-Douglas production function. The obtained models testify to a positive impact on the labor productivity of the capital-labor ratio, the level of export, the level of income distribution inequality, the number of workers engaged in research and development, which indicates the contribution of science to the spread of new technological structures in the economy. A significant positive effect on labor productivity of income inequality testifies to the action in the country of economic mechanisms operating in developed countries.

The Elasticity of Labor Productivity by Factors of Production in Modern Russia

2020 ◽  
Vol 8 (4) ◽  
pp. 22-25
Author(s):  
Leonid Basovskiy ◽  
Elena Basovskaya
Keyword(s):  
Labor Productivity ◽  
Foreign Investment ◽  
Price Index ◽  
Gross Regional Product ◽  
Export Share ◽  
Producer Price ◽  
Labor Ratio ◽  
Capital Labor Ratio ◽  
Regional Product ◽  
Regions Of Russia

The correlation between labor productivity and indicators reflecting the influence of socio-economic and innovative factors in the regions of Russia for 2015-2018 were evaluated. For each year, according to statistics from 82 regions of Russia, econometric models are constructed that allow obtaining elasticity coefficients of labor productivity by capital-labor ratio, foreign investment, average monthly wage, income inequality, producer price index of industrial goods, export share in gross regional product. The prospects of economic policy aimed at increasing labor productivity were estimated.

Production Functions of Labor Productivity in Modern Russia

2020 ◽  
Vol 8 (3) ◽  
pp. 18-22 ◽  
Author(s):  
Leonid Basovskiy ◽  
Elena Basovskaya
Keyword(s):  
Income Inequality ◽  
Labor Productivity ◽  
Positive Impact ◽  
Developed Countries ◽  
Export Markets ◽  
Labor Ratio ◽  
Capital Labor Ratio ◽  
Wide Range ◽  
Goods Market ◽  
Regions Of Russia

To identify determinants of labor productivity, correlation relationships of productivity of various indicators was evaluated, reflecting the influence of a wide range of socio-economic and innovative factors in the regions of Russia for 2015-2017. It has been established that many indicators characterizing socio-economic and innovative factors do not have a significant relationship with labor productivity and are multicollenarity (they have correlation relationships among themselves). For each year, according to statistics of 82 regions of Russia, econometric models in the form of a well-known standard internal linear function - an analog of the Cobb-Douglas production function are constructed. The obtained models indicate a positive impact on labor productivity, capital-labor ratio, foreign investment, wage levels, income inequality, inflation in industrial goods and export markets. The obtained simulation results showing a significant positive effect on labor productivity exerted by income inequality and the inflation rate on the industrial goods market, which indicates the action of economic mechanisms in the country in developed countries. When performing research, it was found that the positive impact of capital-labor ratio on productivity in 2015-2017 was reduced. This indicates a decrease in the efficiency of use of fixed capital in countries, about the crisis in the country's economy.

Elasticity of Labor Productivity by Production Factors in the Regions of Russia

2020 ◽  
Vol 8 (6) ◽  
pp. 18-21
Author(s):  
Elena Basovskaya ◽  
Leonid Basovskiy
Keyword(s):  
Labor Productivity ◽  
Price Index ◽  
Production Functions ◽  
Regression Equations ◽  
Cross Sectional ◽  
Production Factors ◽  
Labor Ratio ◽  
Capital Labor Ratio ◽  
Regional Product ◽  
Regions Of Russia

On the basis of models of production functions with an explanation level of 80-90%, built using cross-sectional data for the regions of the country, partial values of the coefficients of elasticity of labor productivity by production factors were obtained. Partial (regional) values of the coefficients of elasticity of labor productivity are calculated using the particular regression equations of models of production functions. The factors included the capital-labor ratio, wages, the price index of industrial goods, the coefficient of funds (an indicator of income inequality), the share of exports in the gross regional product. The regions are identified in which these factors have the maximum and minimum impact on labor productivity.

The Effectiveness of Fixed Assets in the Economy of the Regions of Modern Russia

2019 ◽  
Vol 7 (3) ◽  
pp. 36-39
Author(s):  
Леонид Басовский ◽  
Leonid Basovskiy ◽  
Елена Басовская ◽  
Elena Basovskaya
Keyword(s):  
Labor Productivity ◽  
Cross Section ◽  
Fixed Capital ◽  
General Tendency ◽  
Cross Section Data ◽  
Section Data ◽  
Labor Ratio ◽  
Capital Labor Ratio ◽  
The Impact ◽  
Regions Of Russia

The aim of the work was to study the dynamics of the influence of the main capital on labor productivity in the economy of modern Russia. To identify the effect of capital-labor ratio on labor productivity production function models were used. To obtain the models, Rosstat cross-section data were used for 80 regions of Russia for the period 2010–2017 except for the autonomous districts that are part of individual regions). In addition, for the period 2014–2017 cross section data were used for 82 regions of Russia, including the Republic of Crimea and the city of Sevastopol. The results of the simulation allowed us to determine that the capital productivity of labor in 2010–2017 explained from 75% to 81% of labor productivity in the regions of the country. In the period under review, there is a general tendency to reduce the impact of the capital-labor ratio, reflecting a decrease in the efficiency of using fixed capital in the country. The decline in the efficiency of using fixed capital in the economy may be a consequence of the formation of an institutional environment unfavorable to the economic development.

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