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The nature of energy and material resources in an endogenous growththeory framework isclarified. This involves three modifications of the conventionaltheory. Firstly, multiple feedbackmechanisms or “growth engines” are identified. Secondly, a productionfunction distinguishesbetween resource...
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The nature of energy and material resources in an endogenous growththeory framework is clarified. This involves three modifications of the conventional theory. Firstly, multiple feedback mechanisms or "growth engines" are identified. Secondly, a productionfunction distinguishesbetween resource...
Persistent link: https://www.econbiz.de/10011303864
The historic link between output (GDP) growth and employment has weakened. Since there is no quantitively verifiable economic theory to explain past growth, this unique book explores the fundamental relationship between thermodynamics (physical work) and economics
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The equilibrium conditions for an economic system that produces output with several factors of production and which is subject to technological constraints are derived. Optimization of either output minus cost or integrated utility yields the conditions that output elasticities must be equal to...
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