Title

Scarcity, Resource Price Uncertainty and Economic Growth

Document Type

Article

Publication Date

8-1996

Publication Source

Land Economics

Abstract

Over the course of the past decade, significant steps have been taken to empirically link indicators of resource scarcity to changes in economic growth. This paper extends this previous literature in two ways.

First, rather than concentrating exclusively on energy, we focus on the technological change embodied in the prices of an array of complementary natural resource inputs.

Second, we investigate (using (G)ARCH methods) the importance of resource price uncertainty as well as resource price levels on aggregate economic growth. We find that output growth is significantly influenced by both resource price levels and resource price uncertainty. (JEL Q31)

Inclusive pages

326-335

ISBN/ISSN

0023-7639

Publisher

University of Wisconsin Press

Volume

72

Issue

3

Peer Reviewed

yes