Capital/natural resource substitution: the debate of Georgescu-Roegen (through Daly) with Solow/Stiglitz.
In response to the theories of Georgescu-Roegen, Robert Solow and Joseph Stiglitz noted that capital and labor can substitute for natural resources in production either directly or indirectly, ensuring sustained growth or at least sustainable development.
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Note that Robert Solow and Trevor Swan applied the term steady state a bit differently in their economic growth model.
Note that Robert Solow and Trevor Swan applied the term steady state a bit differently in their economic growth model.