Open AccessGROWTH WITH EXHAUSTIBLE RESOURCES AND A MATERIALS ‐ BALANCE PRODUCTION FUNCTION
Author(s) -
Gross L.S.,
Veendorp E.C.H.
Publication year - 1990
Publication title -
natural resource modeling
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.28
H-Index - 32
eISSN - 1939-7445
pISSN - 0890-8575
DOI - 10.1111/j.1939-7445.1990.tb00132.x
Subject(s) - production (economics) , balance (ability) , economics , function (biology) , material balance , production function , cobb–douglas production function , growth function , natural resource economics , growth model , microeconomics , biology , mathematics , engineering , process engineering , statistics , evolutionary biology , neuroscience
The materials‐balance production function proposed in this paper is a modified Cobb‐Douglas‐type function which is as neoclassical in nature as materials‐balance considerations would seem to permit. Incorporation of such a production function in a neoclassical growth model severely limits the growth potential of an economy with exhaustible resources.