Industrial energy substitution during the 1980s in the Greek economy
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Thompson, H
(EN)
Caloghirou, YD
(EN)
Mourelatos, AG
(EN)
Factor substitution in Greek manufacturing during the 1980s is examined, using pooled data in static and dynamic translog expenditure share models. Inputs are capital, labor, electricity and non-electrical energy (liquid, solid, gas). Own-price elasticities for capital and labor are inelastic, but for electricity more elastic (-0.90). Results indicate substitutability among factors in the short run. In the long run, electricity and capital are complements, as are labor and non-electrical energy. Greek manufacturing is predicted to continue decreased consumption of liquid fuels to the year 2000, continuing the electrification begun in the 1970s. (C) 1997 Elsevier Science B.V.
(EN)
