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Rediscovering the Solow Model: An Energy Network Approach

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Author Info

  • Carl-Johan Dalgaard

    (Department of Economics, University of Copenhagen)

  • Holger Strulik

    (University of Hannover)

Abstract

The present paper provides a new theory of capital accumulation and growth. While the law of motion for capital per worker is structurally identical to that of the neoclassical growth model (Solow, 1956), the underlying foundation is very different. In contrast to the Solow model, the purposed theory is based on thermodynamical principles and associations reflecting the geometrical properties of energy transporting networks. The theory predicts that in the absence of technological progress growth is ultimately limited by the capacity of networks to supply sufficient energy to support continual increases in the per capita stock of capital. We also examine the theory empirically, and find that cross country data supports its key predictions.

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File URL: http://www.econ.ku.dk/english/research/publications/wp/2007/0709.pdf/
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Bibliographic Info

Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 07-09.

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Length: 25 pages
Date of creation: Apr 2007
Date of revision:
Handle: RePEc:kud:kuiedp:0709

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Related research

Keywords: economic growth; energy; networks;

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References

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  1. Carl-Johan Dalgaard & Holger Strulik, 2006. "Subsistence – A Bio-economic Foundation of the Malthusian Equilibrium," Discussion Papers 06-17, University of Copenhagen. Department of Economics.
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Cited by:
  1. Maria Fröling, 2011. "Energy use, population and growth, 1800–1970," Journal of Population Economics, Springer, vol. 24(3), pages 1133-1163, July.

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