Η ύπαρξη υψηλής ελαστικότητας υποκατάστασης μεταξύ εξειδικευμένης και μη εργασίας στη συνάρτηση παραγωγής

This paper examines the relationship between education reflected by the level and technological knowledge and economic development on the basis of high substitution elasticity between specialized and non specialized work. Specifically, it is investigated through an econometric approach the existence of high substitution elasticity between specialized or non-specialized work in the continuous production function as it has been modulated via an econometric approach by Mankiw. Also, it is supported that education can be one of the most fundamental factors of production.This paper examines the relationship between education reflected by the level and technological knowledge and economic development on the basis of high substitution elasticity between specialized and non specialized work. Specifically, it is investigated through an econometric approach the existence of high substitution elasticity between specialized or non-specialized work in the continuous production function as it has been modulated via an econometric approach by Mankiw. Also, it is supported that education can be one of the most fundamental factors of production