Title:
Quantification of economic trends in timber industries of the SR Croatia in the 1966-1977 period
Research subject and fields:
Abstract:
Development in the sawmilling, wooden board, and final wooden product industries of the Socialist Republic of Croatia in the 1966-1977 period is researched by the use of Cobb-Douglas production functions.
The research shows that some of the exponents of independent variables: (a) annual average employed labor L, and (b) fixed capital at purchased value in 1977 prices, are greater than 1, suggesting improved economies of scale when output rises. As output, gross social product, and social product are considered separately for (i) sawmilling and wooden board industries, and (ii) final wooden product industries.
The research indicates failures in previous investment policy and suggests ways of improvement, assuming additional macro-economic research.
