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Economic Growth with Energy

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  • Alam, M. Shahid

Abstract

This paper works out some of the basic properties of an economy with energy as a factor of production. The economy now consists of streams of energy conversions that direct energy to the production of goods and services. The focus on energy generates a variety of insights. It yields a new taxonomy of economies and economic activities; allows a better grasp of the tasks performed by labor and capital; raises the prospect of examining growth as the speeding up of machines; and identifies greater use of energy as an important source of growth. In addition, we use these results to explain the near stagnation in living standards in agrarian economies in the millennia before 1800, and the dramatic acceleration in growth since that date.

Suggested Citation

  • Alam, M. Shahid, 2006. "Economic Growth with Energy," MPRA Paper 1260, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:1260
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    File URL: https://mpra.ub.uni-muenchen.de/1260/1/MPRA_paper_1260.pdf
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    References listed on IDEAS

    as
    1. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    2. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 71-102, October.
    3. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Economy; energy; capital; labor; growth; sources of growth; Adam Smith; John Stuart Mill; industrial revolution;
    All these keywords.

    JEL classification:

    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General
    • B0 - Schools of Economic Thought and Methodology - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • D2 - Microeconomics - - Production and Organizations

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