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

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.


Issue Date:
1980-12
Publication Type:
Journal Article
PURL Identifier:
http://purl.umn.edu/32386
Published in:
Western Journal of Agricultural Economics, Volume 05, Number 2
Page range:
165-176
Total Pages:
12




 Record created 2017-04-01, last modified 2017-04-27

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