Cointegration analysis is applied to the linear combinations of the time series of (the logarithms of) output, capital … production factors capital, labor, and energy. We find that they are for labor much smaller and for energy much larger than the … cost shares of these factors. In standard economic theory output elasticities equal cost shares. Our heterodox findings …

positive effects on regional investment and employment rates as well as the human capital stock. We also find a positive link …