The direction of technical change in capital-resource economies

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dc.contributor.author Di Maria, Corrado
dc.contributor.author Valente, Simone
dc.date.accessioned 2009-02-09T17:19:37Z
dc.date.available 2009-02-09T17:19:37Z
dc.date.copyright Swiss Federal Institute of Technology Zurich 2006 en
dc.date.issued 2006-03
dc.identifier.uri http://hdl.handle.net/10197/846
dc.description.abstract We analyze a multi-sector growth model with directed technical change where man-made capital and exhaustible resources are essential for production. The relative profitability of factor-specific innovations endogenously determines whether technical progress will be capital- or resource-augmenting. We show that convergence to balanced growth implies zero capital-augmenting innovations: in the long run, the economy exhibits purely resource-augmenting technical change. This result provides sound microfoundations for the broad class of models of exogenous/endogenous growth where resource-augmenting progress is required to sustain consumption in the long run, contradicting the view that these models are conceptually biased in favor of sustainability. en
dc.format.extent 4304 bytes
dc.format.mimetype application/pdf
dc.language.iso en en
dc.publisher Swiss Federal Institute of Technology Zurich en
dc.relation.ispartofseries Center of Economic Research at ETH Zurich Economics Working Paper Series en
dc.relation.ispartofseries No. 06/50 en
dc.subject Endogenous growth en
dc.subject Directed technical change en
dc.subject Exhaustible resources en
dc.subject.classification O31 en
dc.subject.classification O33 en
dc.subject.classification O41 en
dc.subject.classification Q32 en
dc.subject.lcsh Economic development--Mathematical models en
dc.subject.lcsh Technological innovations en
dc.subject.lcsh Nonrenewable natural resources en
dc.title The direction of technical change in capital-resource economies en
dc.type Working Paper en
dc.internal.authorurl Corrado Di Maria (web page) en
dc.internal.authorurl http://www.ucd.ie/research/people/geogplanningenvpolicy/drcorradodimaria/home/ en
dc.internal.authorid UCD0030 en
dc.internal.availability Full text not available en
dc.internal.webversions Publisher's version en
dc.internal.webversions http://www.cer.ethz.ch/research/wp_06_50.pdf en
dc.status Not peer reviewed en
dc.neeo.contributor Di Maria|Corrado|aut|UCD0030
dc.neeo.contributor Valente|Simone|aut|


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