NATURAL RESOURCES AS AN ENERGY SOURCE IN A SIMPLE ECONOMIC GROWTH MODEL

Maciej Malaczewski

Bulletin of Economic Research, 2018, vol. 70, issue 4, 362-380

Abstract: Some empirical studies show that natural resources and physical capital are likely to be complements in the production process rather than substitutes. What is more, the assumption of substitutability in many theoretical papers leads to some counterfactual conclusions. This paper proposes a simple model of economic growth with complementarity between these two factors of production via energy production. We consider the equilibrium state of this model and derive the conditions necessary to maintain balanced growth of all macroeconomic variables. We also analyze the time to depletion of natural resources when these resources are the main energy source.

Date: 2018
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https://doi.org/10.1111/boer.12153

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