Production Factors and Estimation of Technical Changes of New Zealand.

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  • ニュージーランドの生産要素と技術進歩の推計
  • ニュージーランド ノ セイサン ヨウソ ト ギジュツ シンポ ノ スイケイ

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Abstract

Economics explains the sources of the economic growth of a country or a region are an increase of capital stocks, the increase of labor force and technical changes. We can ascertain the contribution of each source to the economic growth by estimating production functions or using other methods. In this paper, we examined GDP and production factors data of New Zealand, that is to say, capital stocks, and the labor force. By estimating a production function, in particular, the contribution values of the three factors to the economic growth in New Zealand were obtained as follows: increase of capital stocks: 55%, increase of the labor force: 33%, and technical change: 13%. So, this study indicates that for New Zealand, increase of capital stocks is more important as a factor of the economic developments compared to other factors.

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