Directed Technical Change and the British Industrial Revolution
Stern, David; Pezzey, John; Lu, Yingying
We build a directed technical change model where one intermediate goods sector uses a fixed quantity of biomass energy ("wood") and another uses coal at a fixed price, matching stylized facts for the British Industrial Revolution. Unlike previous research, we do not assume the level or growth rate of productivity is inherently higher in the coal-using sector. Analytically, greater initial wood scarcity, initial relative knowledge of coal-using technologies, and/or population growth will boost...[Show more]
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|Source:||Journal of the Association of Environmental and Resource Economist|
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