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A survey on modeling economic growth. With special interest on natural resource use

Frauke Voosholz

No 69, CAWM Discussion Papers from University of Münster, Münster Center for Economic Policy (MEP)

Abstract: The purpose of this paper is to survey the contributions to economic growth theory. We focus on the basic models and literature that link resource economic and economic growth, in order to reveal the main differences on how the different aspects are incorporated into growth models. As economic science is not a hard science, all economic activities must always be considered against the background of the current economy, the political and social institutions and technical capabilities (as already mentioned by Solow (1985), p. 328). That is why many of the first growth models, fitted to current state when they were developed, are not transferable to remote periods. Furthermore, natural resources as input factors, which influence economic growth, were neglected for a long time, whereas today they are one of the most discussed factors influencing economic growth.

Keywords: economic growth; growth theory; historical overview; renewable resources; non-renewable resources (search for similar items in EconPapers)
JEL-codes: O13 O40 O41 Q20 Q32 (search for similar items in EconPapers)
Date: 2014
New Economics Papers: this item is included in nep-fdg, nep-gro and nep-his
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:cawmdp:69

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