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Limites à la croissance et destruction créatrice dans le cadre d'un modèle à générations de capital

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  • Marc Germain

    (Univ. Lille, CNRS, IESEG School of Management, UMR 9221 – LEM – Lille Economie Management, F-59000 Lille, France et IRES, Université de Louvain)

Abstract

This paper studies the path of a resource-constrained economy in an original vintage capital growth model involving a Schumpeterian process of creative destruction. The path of the economy is characterized by three successive phases: (i) unsustainable « high » growth; (ii) after a peak, a deep and brutal decline; (iii) slower growth gradually leading to equilibrium. The slowdown and reversal of the economy are due to the continuous rise in the cost of exploiting the resource, which occurs despite technical progress due to the creative destruction process. This process also has a non-monotonic trajectory, in particular its destruction component behind the economic obsolescence of equipment. The latter evolves in the opposite direction to production, in contradiction with the widespread assumption of a constant capital depreciation rate.

Suggested Citation

  • Marc Germain, 2021. "Limites à la croissance et destruction créatrice dans le cadre d'un modèle à générations de capital," Working Papers 2021.14, FAERE - French Association of Environmental and Resource Economists.
  • Handle: RePEc:fae:wpaper:2021.14
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    limites à la croissance; destruction créatrice; obsolescence; générations de capital;
    All these keywords.

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General
    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics

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