Limites à la croissance et destruction créatrice dans le cadre d'un modèle à générations de capital
Marc Germain ()
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Marc Germain: Univ. Lille, CNRS, IESEG School of Management, UMR 9221 – LEM – Lille Economie Management, F-59000 Lille, France et IRES, Université de Louvain
No 2021.14, Working Papers from FAERE - French Association of Environmental and Resource Economists
This paper studies the path of a resource-constrained economy in an original vintage capital growth model involving a Schumpeterian process of creative destruction. The path of the economy is characterized by three successive phases: (i) unsustainable « high » growth; (ii) after a peak, a deep and brutal decline; (iii) slower growth gradually leading to equilibrium. The slowdown and reversal of the economy are due to the continuous rise in the cost of exploiting the resource, which occurs despite technical progress due to the creative destruction process. This process also has a non-monotonic trajectory, in particular its destruction component behind the economic obsolescence of equipment. The latter evolves in the opposite direction to production, in contradiction with the widespread assumption of a constant capital depreciation rate.
Keywords: limites à la croissance; destruction créatrice; obsolescence; générations de capital (search for similar items in EconPapers)
JEL-codes: C61 C63 O41 Q20 Q57 (search for similar items in EconPapers)
Pages: 24 pages
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http://faere.fr/pub/WorkingPapers/Germain_FAERE_WP2021.14.pdf First version, 2021 (application/pdf)
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Persistent link: https://EconPapers.repec.org/RePEc:fae:wpaper:2021.14
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