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Natural Resources in the Theory of Production: The Georgescu-Roegen/Daly versus Solow/Stiglitz Controversy

Abstract : This paper provides a theoretical and methodological account of an important controversy between neoclassical resources economics and ecological economics, from the early 1970s to the end of the 1990s. It shows that the assumption of unbounded resources productivity in the work of Solow and Stiglitz, and the related concepts of substitution and technical progress, rest on a model-based methodology. On the other hand, Georgescu-Roegen's assumption of thermodynamic limits to production, later revived by Daly, comes from a methodology of interdisciplinary consistency. I conclude that neither side provided a definitive proof of its own claim because both face important conceptual issues.
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https://hal.archives-ouvertes.fr/hal-02332485
Contributor : Quentin Couix <>
Submitted on : Thursday, October 24, 2019 - 6:07:03 PM
Last modification on : Sunday, January 19, 2020 - 6:38:36 PM
Long-term archiving on: : Saturday, January 25, 2020 - 6:14:59 PM

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Quentin Couix. Natural Resources in the Theory of Production: The Georgescu-Roegen/Daly versus Solow/Stiglitz Controversy. 2019. ⟨hal-02332485⟩

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