TECHNOLOGICAL ADAPTATION TO RESOURCE SCARCITY IN THE U.S. LUMBER INDUSTRY

Jeffrey C. Stier

Western Journal of Agricultural Economics, 1980, vol. 05, issue 2, 12

Abstract: This paper provides an econometric investigation of the role of a renewable natural resource, sawlogs, in the production of lumber over the period 1950-1974. The economic scarcity of sawlogs is confirmed. Within a given production technology, the potential for substitution among capital, labor and sawlog inputs is greatly restricted but not impossible. Technological change has been strongly labor-saving but has had a negligible effect on wood requirements. Consequently, the real price of lumber has risen, stimulating development of substitute wood products. Continued decline of the industry is anticipated.

Keywords: Research and Development/Tech Change/Emerging Technologies; Resource /Energy Economics and Policy (search for similar items in EconPapers)
Date: 1980
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Persistent link: https://EconPapers.repec.org/RePEc:ags:wjagec:32386

DOI: 10.22004/ag.econ.32386

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