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Technology shocks and the Prebisch-Singer hypothesis

De Lipsis, V; Agnolucci, P; Bleischwitz, R; (2019) Technology shocks and the Prebisch-Singer hypothesis. In: Proceedings of 24th Annual Conference of the European Association of Environmental and Resource Economists. EAERE: Manchester, UK. Green open access

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Abstract

Can technology neutralize the threat that depletion poses to resource availability? We offer new insights into this long-standing topic by analysing the US mining sector of iron ore, an important primary commodity used in a wide range of industrial productions. We develop a new econometric approach that allows to distinguish the sign of unobserved shocks, and we use it to study potential asymmetries between technology and scarcity. We find that technological progress produces stronger and more persistent effects on productivity and price than the natural action of resource depletion, with global market structure influencing the size of such effect.

Type: Proceedings paper
Title: Technology shocks and the Prebisch-Singer hypothesis
Event: Annual Conference of the European Association of Environmental and Resource Economists
Location: Manchester
Open access status: An open access version is available from UCL Discovery
Publisher version: http://www.eaere-conferences.org/index.php?y=2019
Language: English
Additional information: This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions.
Keywords: Resource depletion, technological change, nonrenewable resources, structural vector autoregression, asymmetry, nonlinearity. JEL classification: C32; Q31; L72
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Bartlett School Env, Energy and Resources
URI: https://discovery.ucl.ac.uk/id/eprint/10118982
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