@article{
 title = {A Skeleton of Green-Growth Mechanics},
 type = {article},
 year = {2016},
 id = {c7bd4a1a-e6a0-3b35-9e85-d64a2a1b22a6},
 created = {2016-10-31T11:02:58.000Z},
 file_attached = {false},
 profile_id = {8856f0a8-e934-3b54-83b3-1dc0f138e432},
 group_id = {bd0f1172-1660-3fe3-b7d0-9f2d0b4051ad},
 last_modified = {2017-03-14T12:29:36.496Z},
 tags = {DOLFINS_T1.2,DOLFINS_WP1},
 read = {false},
 starred = {false},
 authored = {false},
 confirmed = {true},
 hidden = {false},
 citation_key = {Wolf2016},
 abstract = {This paper presents the bare bones of a theoretical economic model concerned with green growth. We consider a standard optimal growth model of the Ramsey-Cass-Koopmans type, meaning that in a single-good-economy welfare, a sum of discounted utilities from consumption, is maximised by a benevolent planner or a set of firms and households under conditions which ensure that the good is produced using the inputs capital and labour, that production is used either for consumption or for investment, and that capital depreciates and is accumulated via investment. We add two key mechanisms: 1. Learning by doing: Instead of exogenous technical change at a given fixed rate, we consider endogenous technical change, that is, labour productivity increases with capital accumulation. 2. Directed technical change: There are two copies of the basic structure, a brown and green sector, with respective innovations. The two problems are addressed by introducing these mechanisms are 1. The influence of the individual on investment, and thus on productivity is negligible (externality, free rider problem). 2. Productivity increases sector specific, this creates an incentive to invest where others have invested (coordination problem). The model enables us to study green-growth options and shows the mechanisms how smart climate policy can realize a true win-win opportunity by recoordinating expectations to trigger investments for the shift to a green growth path.},
 bibtype = {article},
 author = {Wolf, Sarah and Steudle, Gesine A. and Jaeger, Carlo},
 journal = {paper-progress}
}

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