Cyclical Growth and Primary Resource Constraint
Résumé
The most important limit to growth, in traditional as well as more recent growth models, is the shortage of primary factors. This implies a lower growth rate unless technical progress makes it possible to partially release the primary resource constraint. However, this divertes the attention from the crucial aspects of dynamic processes : structural aspects and, paramount, the time structure of production. This paper is an attempt to construct a model of change, in a neo-austrian perspective, in which the sequential character of production appears as the truly essential limit to growth