Growth, Innovation and Natural Resources
AbstractKey aspects of economic growth and sustainable consumption are highlighted in the context of a modified neoclassical growth model. If we consider the topic of optimum growth in a broader context the notion of efficient specialization - in accordance with relative factor endowment - has to be distinguished from optimum specialization. For most resource rich countries long term economic growth is possible, namely if sufficient investment in research and development plus education is realized in the context of a dynamic open economy. As the exploitation of natural resources is likely to decline in the very long run in many countries - including in Russia - the level of the growth path should be expected to reduce in the steady state. Adequate long term emphasis on innovation dynamics is crucial for sustained growth where innovation should include strong emphasis on renewable energies and energy-efficient technologies. Here international cooperation among countries could be very useful and new joint international projects among countries from different continents indeed should be explored.
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Bibliographic InfoPaper provided by Universitätsbibliothek Wuppertal, University Library in its series EIIW Discussion paper with number disbei159.
Length: 39 Pages
Date of creation: Dec 2008
Date of revision:
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Web page: http://elpub.bib.uni-wuppertal.de
Growth; Innovation; Sustainability;
Find related papers by JEL classification:
- E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
- F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
- Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
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