Georgescu-Roegen versus Solow/Stiglitz: Back to a controversy

Marc Germain

Ecological Economics, 2019, vol. 160, issue C, 168-182

Abstract: Within the framework of an optimal growth model with a non renewable resource, this paper seeks to answer the question of whether a production function that ignores the constraints of physics on the production process (such as the Cobb-Douglas) can generate a good medium-term approximation of the trajectory of the economy obtained with a “true” production function, which takes these constraints into account. Two functions that respect these constraints are considered: (i) the CES function and (ii) a function called ATF, designed specifically for the purposes of this paper and which has the property of being closer to the Cobb-Douglas than is the CES.

Keywords: Optimal growth; Production function; Exhaustible resource (search for similar items in EconPapers)
JEL-codes: C63 O44 Q32 Q57 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolec:v:160:y:2019:i:c:p:168-182

DOI: 10.1016/j.ecolecon.2019.01.012

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