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Scarcity, Resource Price Uncertainty, and Economic Growth

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  • Roy Boyd
  • Tony Caporale

Abstract

Over the course of the past decade, significant steps have been taken to empirically link indicators of resource scarcity to changes in economic growth. This paper extends this previous literature in two ways. First, rather than concentrating exclusively on energy, we focus on the technological change embodied in the prices of an array of complementary natural resource inputs. Second, we investigate (using (G)ARCH methods) the importance of resource price uncertainty as well as resource price levels on aggregate economic growth. We find that output growth is significantly influenced by both resource price levels and resource price uncertainty.

Suggested Citation

  • Roy Boyd & Tony Caporale, 1996. "Scarcity, Resource Price Uncertainty, and Economic Growth," Land Economics, University of Wisconsin Press, vol. 72(3), pages 326-335.
    • Handle: RePEc:uwp:landec:v:72:y:1996:i:3:p:326-335
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    Cited by:

    1. Christian Weller & Jaryn Fields, 2011. "Roller Coaster Economics," Challenge, Taylor & Francis Journals, vol. 54(5), pages 99-117.

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