It is the size of the elasticity of substitution that has been the central issue in the long debate over the possibility of continuous growth in the presence of exhaustible resources. This paper reviews the debate and comes to the surprising conclusion that, unnoticed by pessimists, the optimist position has gradually evolved so that it now approximates that of the pessimists. The paper also summarizes some preliminary work by the author that indicates that this common position may not be correct. © 2003 Rocky Mountain Mathematics Consortium.
|Journal||Natural Resource Modeling|
|Publication status||Published - 1 Jan 2003|
- Elasticity of substitution
- Exhaustible resources
- Innovation possibility frontier