The objective of this paper is to review the economic models designed to describe technical change and to discuss the potential role of environmental resources in each. The definition of a production function and the characteristics of an abstract technology are related to the practices economists have used in designing models for explaining technological change. It is found that all models of technical change have sought to account for the change rather than to explain it. When common property environmental resources are entered into these models it is found that the continued undervaluation of these resources has induced a pattern of technical change which is biased so as to use them extensively.
ASJC Scopus subject areas
- Geography, Planning and Development
- Economics and Econometrics
- Strategy and Management
- Statistics, Probability and Uncertainty
- Management Science and Operations Research