Whalley, John; Xing, Chunbing - CESifo - 2012
, in contrast to Russia, the declining labor share in GDP over time, which suggests a substitution elasticity above rather … than below one. We use time series data on labor’s share in GDP to estimate a substitution elasticity for China, finding … that the substitution elasticity is greater than one. We then discuss how sub aggregate high growth can occur when there …