GDP growth is at the centre of economic analysis, political agenda and public debate. The correlation among GDP per capita, material welfare and well-being is increasingly held as limited. We develop a dynamic model to focus on growth feasibility in an era of increasing scarcity of fossil fuels. Our analysis suggests that the sustainability window might be very narrow. Policy should stimulate investment in alternative energy sources, target low growth rates, and discourage consumption growth; high GDP growth rates reduce the attraction basin of the long-run sustainable income.
GDP GROWTH, CONSUMPTION AND INVESTMENT COMPOSITION: FEASIBLE TRANSITION PATHS TOWARDS ENERGY SUSTAINABILITY
D'ALESSANDRO, SIMONE;LUZZATI, TOMMASO;MORRONI, MARIO
2008-01-01
Abstract
GDP growth is at the centre of economic analysis, political agenda and public debate. The correlation among GDP per capita, material welfare and well-being is increasingly held as limited. We develop a dynamic model to focus on growth feasibility in an era of increasing scarcity of fossil fuels. Our analysis suggests that the sustainability window might be very narrow. Policy should stimulate investment in alternative energy sources, target low growth rates, and discourage consumption growth; high GDP growth rates reduce the attraction basin of the long-run sustainable income.File in questo prodotto:
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