Wednesday, June 19, 2013

Growth on a Finite Planet: Resources, Technology, and Population in the Long Run

We study the interactions between technological change, resource scarcity and population dynamics in a Schumpeterian model with endogenous fertility. We find a pseudo-Malthusian equilibrium in which population is constant and determined by resource scarcity while income grows exponentially. If labor and resources are substitutes in production, income and fertility dynamics are self-balancing and the pseudo-Malthusian equilibrium is the global attractor of the system. If labor and resources are complements, income and fertility dynamics are self-reinforcing and drive the economy towards either demographic explosion or collapse. Introducing a minimum resource requirement per capita, we obtain constant population even under complementarity.
PIETRO F. PERETTO, Duke University - Department of Economics
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SIMONE VALENTE, NTNU
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Book: pp. 130-137.
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