Under the current global economic circumstances, characterized by growing uncertainties and the endurance of financial crisis effects, the approach of endogenous factors that contribute to the economic growth and welfare improvement is of major interest for academics and decision makers. The...

The production function is explaining the mechanism through which inputs are changed into outputs and the partial efficiency of labour and capital. It also allows for understanding the elasticity of substitution, which measures the percentage change in factor proportions due to a percentage...