Substitutes or complements? Relationship between natural resources and physical capital – a few stylised facts

Maciej Malaczewski

Economic Research-Ekonomska Istraživanja, 2019, vol. 32, issue 1, 2195-2211

Abstract: This paper considers the complementarity and substitutability of natural resources and physical capital. Unlike existing empirical research, concentrated on the estimation of the elasticity of substitution between energy and capital, the author focuses on macro data and the growth theory approach. The author considers the standard economic long-run growth models with substitutability or complementarity among natural resource use and physical capital in the production process. He derives from these models empirically verifiable theoretical relationships between their rates of growth. The author also uses cross-country long-run data to obtain an empirical correlation between these growth rates and finds evidence in favour of gross complementarity between the examined factors of production on the macro level in the long run.

Date: 2019
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DOI: 10.1080/1331677X.2019.1637762

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