Jump to ContentJump to Main Navigation
Economic Growth and the EnvironmentAn Introduction to the Theory$
Users without a subscription are not able to see the full content.

Clas Eriksson

Print publication date: 2013

Print ISBN-13: 9780199663897

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199663897.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 29 September 2020

Exhaustible resources

Exhaustible resources

(p.107) 6 Exhaustible resources
Economic Growth and the Environment

Clas Eriksson

Oxford University Press

This chapter considers whether sustained economic growth is feasible when an exhaustible and non-renewable resource is used in production. Examples of exhaustible natural resources are fossil fuels such as oil, coal, and natural gas, as well as minerals like iron, copper, and aluminium. The main question is whether it is possible to maintain a non-declining per capita income when a natural resource is an important factor in production. In this chapter, the natural resource causes diminishing returns to capital and labour, and its use will decline over time. To compensate for this decline, the technological progress connected to energy must be stronger than the technological progress associated with land. This necessitates further diversion of labour away from production and from labour-augmenting research. The chapter also discusses an alternative possibility for achieving sustainable development: to (gradually) replace the exhaustible energy with renewable energy.

Keywords:   economic growth, non-renewable resource, exhaustible resource, per capita income, natural resources, technological progress, sustainable development, exhaustible energy, renewable energy

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .