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| Study on capital-labor elasticity of substitution in vegetable production in Guangzhou |
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| Abstract: |
| Based on VES production function model, with the vegetable production cost data from 2001 to 2013 in Guangzhou, the paper empirically analyzed the output elasticity of capital and labor, and the capital-labor elasticity of substitution. The results shoued that the coefficient of input -output elasticity of capital was 1.2641, the coefficient of input-output elasticity of labor was-1.0750. In the vegetable production, the capital-labor elasticity of substitution showed
a rising trend, not only reflected the rapid increase in agricultural employment cost, also showed that the substitution process was in accordance with the economic theory under a fully competitive environment. This article Dut forward the following recommendations: let the technology play key role, encourage the farmers to use widely good technology, improve the scientific research in seed industry to achieve sustained progress in resistance of varieties, diversity, integration with other aspects of the industry chain, promote land circulation to achieve moderate scale management and improve scale efficiency of vegetable production. |
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