Production Function with a Variable Elasticity of Substitution: Analysis and some Empirical Results

In the past, many growth models have been developed and analysed with the help of a production function subject to certain restrictive features. For quite some time the Cobb-Douglas production function provided a simple maintained hypothesis with its input exponents adding up to unity and a unitary elasticity of substitution. But the discovery of theoretically and empirically better and more representative production functions embracing a wide variety of studies has resulted in greater information being obtained about the various. established indices of technology in the production theory.