Energy Transitions and the Industrial Revolution
Energy transitions involve both changes in the price and availability of energy sources and biased technological change that acts to integrate the new energy carriers into production systems and improve the productivity with which they are used. Professor David Stern will present empirical research on modelling the transition from traditional energy carriers to coal in Sweden using an exogenous biased technical change model and a simulation model of the Industrial Revolution in Britain using endogenous directed technical change model.
Both expansion in the use of coal and coal-augmenting technological change were critical in accelerating the rate of economic growth in Sweden in the 19th and early 20th Centuries, though over time, labour-augmenting technological change has played an increasingly dominant role in the growth process.
Professor Stern will also show how in Britain the rising price of wood relative to coal could foster the development of new types of coal-using machines, which were necessary to expand the use of coal to new applications. The predictions of the directed technical change model will be assessed against the available data and implications for the current and future energy transition discussed.
Further information about Professor David Stern can be found here.
This event is open to all and free to attend.