Abstract
The structural changes that occurred in Romania after 1990 generated significant socioeconomic disparities. The North-East region stands out from the other regions through a reduced level of economic development, but with an important occupation potential. In this paper, the researchers will estimate the Cobb-Douglas type production function using the data registered for the North-East region, and they will model from an econometric point of view an important factor of the labour market; namely, labour force participation rate.
Highlights
Starting with the ‘60s, the modelling of regional development has been a major topic in the specialty papers
The researchers will estimate the Cobb-Douglas type production function using the data registered for the North-East region, and they will model from an econometric point of view an important factor of the labour market; namely, labour force participation rate
As Johnson and Scott (2006) point out, the responsibility for public decision is transferred toward the community level and local regions have to make decisions related to economic development
Summary
Starting with the ‘60s, the modelling of regional development has been a major topic in the specialty papers. In Romania, there are eight development regions, of which the North-East region distinguishes itself from the entirety of the other regions through specific characteristics such as: a great number of population occupied in agriculture, an increased unemployment rate, a reduced GDP value, etc. The modelling of such a complex region becomes a necessity, aiming at substantiating potential scenarios of economic evolution of the component counties, and more especially, studying the possibility to use this model in situations similar to those of the North-East region. The results obtained allow the evaluation of the labour market potential in the NorthEast region and represent the basis for the assessment of its future development
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