On technical change in the elasticities of resource inputs |
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Authors: | Jakub Growiec Ingmar Schumacher |
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Institution: | 1. Institute of Econometrics, Warsaw School of Economics, al. Niepodleg?o?ci 162, 02-554 Warszawa, Poland;2. Universität Trier, C 407, FB IV, VWL, 54286 Trier, Germany |
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Abstract: | This article analyses growth of an economy where the substitutability between non-renewable and renewable resource inputs changes over time. We allow for exogenous technical change in the elasticity of substitution (EoS) between these two types of resources as well as for biased factor-augmenting technical change. Our main results are: (1) sustained technical change in the EoS is enough to overcome resource constraints; (2) productivity-enhancing technical change is most beneficial when directed to the resource which is currently most important for production; (3) the speed of productivity-enhancing technical change is crucial for its usefulness to overcome resource constraints; (4) sustainability depends critically on the type of technical change. |
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Keywords: | Q20 Q30 O30 |
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