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Directed Technical Change in Labor and Environmental Economics

Authors
  • Hémous, David
  • Olsen, Morten
Type
Published Article
Journal
Annual Review of Economics
Publisher
Annual Reviews
Publication Date
Aug 05, 2021
Volume
13
Pages
571–597
Identifiers
DOI: 10.1146/annurev-economics-092120-044327
Source
Annual Reviews
Keywords
License
Yellow

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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