Growth, Demand and Natural Resources


The fundamentals of any process of economic growth are technology, demand and available natural resources. In the past, aspects of technology have been mainly studied at factory level, but today the dominant focus is on environmental impacts, resources, demand, global productivity and the role of institutions. This defines the CREDENAT group's field of work.

Using a wide variety of instruments: input-output tables (TIOs), social accounting matrices (MCSs), applied general equilibrium models (MEGAs), time series, social choice theory and evolutionary models, the CREDENAT group tackles growth in both theoretical and applied aspects.

With the help of multisectoral and multiregionals models (TIO, MCS, MRIO and MEGA), technological change and its impacts have been studied. In particular, the technological evolution of the Spanish economy and the fall in its productivity have been deepened. The strong influence of high-tech sectors and certain services on technological progress, and the potential conflict between productivity and production growth (via demand), especially in services, have been proven.

With the support of multisectoral and multiregional models, extended with environmental indicators (water use, water pollution and emissions), estimates have also been obtained on water use, virtual water, irrigation efficiency and water flows in Spanish foreign trade. These models also make possible to quantify the environmental consequences of the various diets of a society and its lifestyles and urbanization.

On the other hand, evolutionary models, which are also disaggregated by sector, have been the basis for studies on industrial leadership, mobility of researchers, learning of economic agents and cyclical evolution of the economy. A demand-driven approach has been taken, in particular, to the more traditional supply-side approach. These models are also being used as an instrument to address some of the anomalies detected by the crisis in economic theory, in particular the possible application to the financial field is being investigated.

Finally, the previous research directions have converged in a new line of research, sustainable economic growth, with the corresponding selection of technologies and optimal use of resources. The selection of technologies is a key aspect of these new researchers.