Universität zu Köln

Ayres, Robert U., van den Bergh, Jeroen C. J. M., Lindenberger, Dietmar and Warr, Benjamin ORCID: 0000-0003-0918-8081 (2013). The underestimated contribution of energy to economic growth. Struct. Change and Econ. Dyn., 27. S. 79 - 89. AMSTERDAM: ELSEVIER. ISSN 0954-349X

Full text not available from this repository.

Abstract

Standard economic theory regards capital and labour as the main factors of production that satisfy the cost-share theorem. This paper argues that when a third factor, namely energy, is added physical constraints on substitution among the factors arise. We show that energy is a much more important factor of production than its small cost share may indicate. This implies that continued economic growth along the historical trend cannot safely be assumed, notably in view of considerably higher energy prices in the future due to peak oil and climate policy. (C) 2013 Elsevier B.V. All rights reserved.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Ayres, Robert U. UNSPECIFIED UNSPECIFIED UNSPECIFIED van den Bergh, Jeroen C. J. M. UNSPECIFIED UNSPECIFIED UNSPECIFIED Lindenberger, Dietmar UNSPECIFIED UNSPECIFIED UNSPECIFIED Warr, Benjamin UNSPECIFIED orcid.org/0000-0003-0918-8081 UNSPECIFIED
URN:	urn:nbn:de:hbz:38-471632
DOI:	10.1016/j.strueco.2013.07.004
Journal or Publication Title:	Struct. Change and Econ. Dyn.
Volume:	27
Page Range:	S. 79 - 89
Date:	2013
Publisher:	ELSEVIER
Place of Publication:	AMSTERDAM
ISSN:	0954-349X
Language:	English
Faculty:	Unspecified
Divisions:	Unspecified
Subjects:	no entry
Uncontrolled Keywords:	Keywords Language SUBSTITUTION; BALANCE; US Multiple languages Economics Multiple languages
URI:	http://kups.ub.uni-koeln.de/id/eprint/47163