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Energy Prices and Induced Technological Progress

In: The Economics of Sustainable Development

Author

Listed:
  • Surender Kumar

    (TERI University)

  • Shunsuke Managi

    (Yokohama National University)

Abstract

Technological progress plays a crucial ameliorating role in reducing energy consumption for combating climate change. Energy economists often cite market-based instruments such as energy taxes for encouraging energy-saving technological progress. Energy policy interventions may change the constraints and incentives that affect technological change (TC). For instance, changes in current relative energy prices may induce substitution of energy by other factors of production, and changes in its long-run prices may induce development of new energy-saving technologies. The importance of relative prices as a stimulator of technological advancement is traceable to Hicks (1932). The theory of induced innovation helps in measuring the impact of relative prices on the direction of technological change (Hayami and Ruttan, 1971).

Suggested Citation

  • Surender Kumar & Shunsuke Managi, 2009. "Energy Prices and Induced Technological Progress," Natural Resource Management and Policy, in: The Economics of Sustainable Development, chapter 0, pages 245-263, Springer.
    • Handle: RePEc:spr:nrmchp:978-0-387-98176-5_14
    DOI: 10.1007/978-0-387-98176-5_14
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    Cited by:

    1. Sergio Destefanis & Matteo Fragetta & Giuseppe Mastromatteo & Nazzareno Ruggiero, 2020. "The Beveridge curve in the OECD before and after the great recession," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 10(3), pages 411-436, September.
    2. Sergio Destefanis & Giuseppe Mastromatteo, 2015. "The Beveridge Curve in the OECD Before and After the Crisis," Discussion Papers 4_2015, CRISEI, University of Naples "Parthenope", Italy.

    More about this item

    Keywords

    Technological Change; Energy Price; Technical Inefficiency; Technological Diffusion; International Energy Agency;
    All these keywords.

    JEL classification:

    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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