An economic analysis of agricultural production function on the paddy fields of Thailand

Abstract

This research study is based on analyzing the variables, which assess the Thailand’s paddy production. Similarly, the TFP in Thailand’s paddy production can be determined through these factors. Moreover, the substitution elasticity between capital and labor has been measured in this research. Further, the substitution elasticity between the older and young farmers has been tried to be investigated. It is expected that the results of research would offer suitable suggestions for policy makers to improve the level of paddy sub-sector productivity in Thailand. In this study, the first objective is based on analyzing the factors, which assess the paddy production with reference to Thailand. Cobb-Douglas production function has been used in this study. Moreover, the stand error and coefficient of determination have been used to assess the regressors, which are significant. The study has used production function to formulate the problem. The findings of the study have revealed the fact that A crucial role is played by productivity in improving the paddy production of country. Therefore, there is need for determining the level of paddy production to be sufficient (high enough) or insufficient. Productivity can be measured in different ways. The measurement of productivity is based on the type of information of the productivity available. © 2020 by author(s) and VsI Entrepreneurship and Sustainability Center.