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Resources and Economic Growth

Author

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  • Robert M. Solow

Abstract

Editor’s Introduction Originally published in Volume 22, Number 2, Fall 1978, pages 5-11 . Robert Solow (born 1924) is one of the most honored economists of all time. In 1961 he received the John Bates Clark medal given by the American Economic Association for significant contributions to the field by an American economist under the age of forty. Several Clark medal recipients have gone on to win the Nobel Memorial Prize in Economic Sciences, including Professor Solow in 1987 for his work in economic growth. His work was again honored in 2014 when he was awarded the Presidential Medal of Freedom, the highest civilian award presented by the United States. The Solow Growth Model, originally developed in the 1950s, is one of the most widely applied theories in modern economics. In this paper, Professor Solow examines how future economic growth and development is constrained if the natural resource base narrows over time. Professor Solow then applies a variant of his eponymous growth model to analyze the relationship between the ratio of nonrenewable resource inputs to GNP in the United States over the middle half of the twentieth century.

Suggested Citation

  • Robert M. Solow, 2016. "Resources and Economic Growth," The American Economist, Sage Publications, vol. 61(1), pages 52-60, March.
  • Handle: RePEc:sae:amerec:v:61:y:2016:i:1:p:52-60
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    Cited by:

    1. Gonand, Frédéric & Jouvet, Pierre-André, 2015. "The “second dividend” and the demographic structure," Journal of Environmental Economics and Management, Elsevier, vol. 72(C), pages 71-97.
    2. Frederic Gonand, 2014. "Dynamic Impacts on Growth and Intergenerational Effects of Energy Transition in a Time of Fiscal Consolidation," Working Papers 1401, Chaire Economie du climat.
    3. Stern, David I., 2010. "The Role of Energy in Economic Growth," Working Papers 249380, Australian National University, Centre for Climate Economics & Policy.
    4. Frédéric Gonand, 2014. "Fostering Renewables and Recycling a Carbon Tax: Joint Aggregate and Intergenerational Redistributive Effects," Working Papers 1408, Chaire Economie du climat.
    5. Alshehry, Atef Saad & Belloumi, Mounir, 2015. "Energy consumption, carbon dioxide emissions and economic growth: The case of Saudi Arabia," Renewable and Sustainable Energy Reviews, Elsevier, vol. 41(C), pages 237-247.
    6. repec:spr:soinre:v:133:y:2017:i:3:d:10.1007_s11205-016-1401-7 is not listed on IDEAS
    7. Rodríguez-Caballero, Carlos Vladimir & Ventosa-Santaulària, Daniel, 2017. "Energy-growth long-term relationship under structural breaks. Evidence from Canada, 17 Latin American economies and the USA," Energy Economics, Elsevier, vol. 61(C), pages 121-134.

    More about this item

    Keywords

    Economic growth; nonrenewable resources; capital; capacity;

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • Q30 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - General
    • N52 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - U.S.; Canada: 1913-

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