Energy Prices and Induced Technological Progress

Surender Kumar

Economics Bulletin, 2008, vol. 17, issue 20, 1-14

Abstract: This study measures energy price induced technological change using directional distance function for a panel data of 55 countries over the period 1974 to 2000. The parameter estimates of directional distance function reveal the absence of neutral exogenous innovations and the presence of biased innovations either it is exogenous or energy price induced. We observe larger energy price induced technological change effects in developed countries in comparison to developing countries in the periods after first (1974), and second (1980) world oil crisis that caused substantial energy price increases. These findings concur with data that show most R&D occurs in high-income countries, particularly the US and Japan.

JEL-codes: O3 Q4 (search for similar items in EconPapers)
Date: 2008-10-05
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Citations: View citations in EconPapers (2)

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