Gerogescu-Roegen versus Solow/Stiglitz and the Convergence to the Cobb-Douglas

Howard Petith ()

UFAE and IAE Working Papers from Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC)

Abstract: Abstract: The value of the elasticity of substitution of capital for resources is a crucial element in the debate over whether continual growth is possible. It is generally held that the elasticity has to be at least one to permit continual growth and that there is no way of estimating this outside the range of the data. This paper presents a model in which the elasticity is determined endogenously and may converge to one. It is concluded that the general opinion is wrong: that the possibility of continual growth does not depend on the exogenously given value of the elasticity and that the value of the elasticity outside the range of the data can be studied by econometric methods.

Keywords: Exhaustible resources; elasticity of substitution; innovation possibility frontier (search for similar items in EconPapers)
JEL-codes: E13 O13 Q30 (search for similar items in EconPapers)
Pages: 25
Date: 2001-06-15
New Economics Papers: this item is included in nep-dev, nep-ent and nep-net
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Persistent link: https://EconPapers.repec.org/RePEc:aub:autbar:489.01

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