关键词: CES生产函数, 要素分配参数, 技术进步, TFP, 经济增长, 新常态

Abstract:

In the CES production function, regardless of whether the parameter is a constant element distribution, economic growth can be deduced from the contribution of the neutral technical progress, biased technological progress, capital and labor. TFP growth in value equals to the sum of the contribution of neutral technical progress and biased technological progress. Basing on Chinese industrial data to empirical econometric analysis from 1978 to 2011. The results show that there is a complementary relationship between capital and labor in China. When elements distribution parameters are constants, China mainly relies on factor inputs to achieve economic growth, and TFP growth slows due to the biased technological progress. When elements distribution parameters are not constants, economic growth is mainly reflected in the TFP growth, especially biased technological progress. Therefore, in order to achieve growth momentum conversion in the new normal, China must turn to innovation-driven economic growth from investment-driven economic growth, and achieve production efficiencies through technological progress.

Key words: CES Production Function, Elements Distribution Parameters, Technical Progress, Total Factor Productivity, Economic Growth, New Normal