"The industrial revolution transformed the productive power of societies. It did so by vastly increasing the individual productivity, thus delivering whole populations from poverty. In this new account by one of the world's acknowledged authorities the central issue is not simply how the...

This paper estimates interfuel substitution elasticities in selected developing and industrialized economies at the national and sector levels. In doing so, it employs state-of-the-art techniques in microeconometrics, particularly the locally flexible normalized quadratic functional forms, and...