'n Ekonometriese ontleding van die verband tussen lone, pryse en die arbeidsmag

Abstract

The econometric estimate of the demand and supply functions was carried out linearly and logarithmically by means of the least squares method. Although marginally different results were obtained the linear estimates were generally superior. The analysis of the demand-supply relationship of a durable commodity like gold is complicated by the fact that it is traded on a world wide basis. The industrial use of gold is responsible for 85% of the total demand. The remaining 15% relates to the so-called investment function. This part of demand and supply is more prone to speculation and to relatively wide fluctuations which cannot be foreseen with any degree of certainty. In compiling the quantity demanded two methods were used. In the case of the supply function two separate functions were estimated. In the case of the dishoarded supply function no satisfactory estimate was found.