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Directed technical change in labor and environmental economics


Hémous, David; Olsen, Morten (2021). Directed technical change in labor and environmental economics. Annual Review of Economics, 13:571-597.

Abstract

It is increasingly evident that the direction of technological change responds to economic incentives. We review the literature on directed technical change in the context of environmental economics and labor economics, and we show that these fields have much in common both theoretically and empirically. We emphasize the importance of a balanced growth path and show that the lack of such a path is closely related to the slow development of green technologies in environmental economics and to growing inequality in labor economics. We discuss whether the direction of innovation is efficient.

Abstract

It is increasingly evident that the direction of technological change responds to economic incentives. We review the literature on directed technical change in the context of environmental economics and labor economics, and we show that these fields have much in common both theoretically and empirically. We emphasize the importance of a balanced growth path and show that the lack of such a path is closely related to the slow development of green technologies in environmental economics and to growing inequality in labor economics. We discuss whether the direction of innovation is efficient.

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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Economics
Dewey Decimal Classification:330 Economics
Scopus Subject Areas:Social Sciences & Humanities > Economics and Econometrics
Uncontrolled Keywords:endogenous growth, automation, directed technical change, climate change, income inequality
Language:English
Date:August 2021
Deposited On:23 Aug 2021 10:53
Last Modified:24 Aug 2021 20:00
Publisher:Annual Reviews
ISSN:1941-1383
OA Status:Closed
Publisher DOI:https://doi.org/10.1146/annurev-economics-092120-044327

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