Energy Distribution, Power Laws, and Economic Growth
The natural sciences have established a general scaling law that relates metabolism and body size of animals. Recently this association - known as Kleiber's law - has received deep theoretical foundation by network theory and has been fruitfully applied to explain various biological phenomena, in particular ontogenetic growth. Here we derive a similar power law for economic metabolism (energy consumption per capita) and economic size (capital per capita). Invoking the power law we provide a metabolic-energetic founded law of motion for capital per capita. Using data for the U.S. states we test the resulting structural model and find evidence in favor of a scaling parameter, between energy and capital per capita, of about 2/3.
|Date of creation:||Jan 2008|
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- Nadiri, M Ishaq & Prucha, Ingmar R, 1996.
"Estimation of the Depreciation Rate of Physical and R&D Capital in the U.S. Total Manufacturing Sector,"
Western Economic Association International, vol. 34(1), pages 43-56, January.
- Nadiri, M.I. & Prucha, I.R., 1993. "Estimation of the Depreciation Rate of Physical and R&D Capital in the U.S. Total Manufacturing Sector," Working Papers 93-47, C.V. Starr Center for Applied Economics, New York University.
- M. Ishaq Nadiri & Ingmar R. Prucha, 1993. "Estimation of the Depreciation Rate of Physical and R&D Capital in the U.S. Total Manufacturing Sector," NBER Working Papers 4591, National Bureau of Economic Research, Inc.
- Kühnert, Christian & Helbing, Dirk & West, Geoffrey B., 2006. "Scaling laws in urban supply networks," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 363(1), pages 96-103.
- Geoffrey B. West & James H. Brown & Brian J. Enquist, 1997. "A General Model for the Origin of Allometric Scaling Laws in Biology," Working Papers 97-03-019, Santa Fe Institute.
- Brock, W A, 1999. "Scaling in Economics: A Reader's Guide," Industrial and Corporate Change, Oxford University Press, vol. 8(3), pages 409-446, September.
- Geoffrey B. West & James H. Brown & Brian J. Enquist, 1999. "The Fourth Dimension of Life: Fractal Geometry and Allometric Scaling of Organisms," Working Papers 99-07-047, Santa Fe Institute. Full references (including those not matched with items on IDEAS)
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