Evolution of consumers' preferences has been recognized by many scholars as being key to understanding technological change. However, mainstream economics cannot account for the seemingly irrational behavior of consumers based on changes in taste – consumer theory lacks exibility and accuracy...

The recent expansion of global demand for natural resources has created a production boom in countries endowed with natural resources. Increasing global trade and investment - globalization - offer an important opportunity for developing countries as the global flow of commodities often...

We develop a general equilibrium vintage capital model with embodied energy-saving technological progress and an explicit energy market to study the impact of investment subsidies on investment and output. Energy and capital are assumed to be complementary in the production process. New machines...

This paper has two main purposes. First, it examines the way technological change has been treated in the analysis of labour surplus dual economies, concluding that technological dynamism actually 'matters' in the labour surplus phase of development. The discussion is based on Arthur Lewis's...