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 2009-02-11T14:41:31Z
dc.date.available 2009-02-11T14:41:31Z
dc.date.copyright 2006 ETH Zurich en
dc.date.issued 2006
dc.identifier.uri http://hdl.handle.net/10197/859
dc.description Paper presented at the Monte Verità Conference on Sustainable Resource Use and Economic Dynamics - SURED 2006, Ascona/Switzerland June 5-8, 2006 en
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 micro-foundations 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 favour of sustainability. en
dc.description.uri Conference details en
dc.description.uri http://www.cer.ethz.ch/sured_2006/ en
dc.format.extent 4304 bytes
dc.format.mimetype application/pdf
dc.language.iso en en
dc.publisher CER-ETH – Center of Economic Research at ETH Zurich en
dc.rights Preliminary: do not quote en
dc.subject Endogenous growth en
dc.subject Directed technical change en
dc.subject Exhaustible resources en
dc.subject Sustainability 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 Conference Publication 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/sured_2006/programme/sured_090_diMaria_valente.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dc.status Not peer reviewed en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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