Energy Substitution, Production, and Trade in the US
Energy proves an essential input with robust comparative static effects in a factor proportions model of production for the US. Energy has a robust marginal product and significant substitution in a novel production function motivated by the definition of physical work. In this physical production function, energy and labor inputs interact separately with capital. The present data cover the years 1951 to 2008. One version of the model assumes an endogenous price of energy, and another endogenous energy imports at the world price. These comparative static models of production and trade have an array of policy implications.
|Date of creation:||Oct 2010|
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- Henry Thompson, 1985. "Complementarity in a Simple General Equilibrium Production Model," Canadian Journal of Economics, Canadian Economics Association, vol. 18(3), pages 616-621, August.
- Henry Thompson, 2010. "Wages in a factor proportions time series model of the US," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 19(2), pages 241-256.
- Thompson, Henry, 2006. "The applied theory of energy substitution in production," Energy Economics, Elsevier, vol. 28(4), pages 410-425, July.
- Chang, Winston W, 1979. "Some Theorems of Trade and General Equilibrium with Many Goods and Factors," Econometrica, Econometric Society, vol. 47(3), pages 709-726, May.
- Jones, Ronald W. & Easton, Stephen T., 1983. "Factor intensities and factor substitution in general equilibrium," Journal of International Economics, Elsevier, vol. 15(1-2), pages 65-99, August.
- Wolfgang F. Stolper & Paul A. Samuelson, 1941. "Protection and Real Wages," Review of Economic Studies, Oxford University Press, vol. 9(1), pages 58-73.
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