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The Rise, Fall and Sustainability of Capital-Resource Economies

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Author Info
Pezzey, John C V
Withagen, Cees A

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Abstract

In debates about green accounting it is sometimes argued that a positive value of aggregate investments indicates that an economy is developing sustainably. Asheim (1994) and Pezzey (1994) have shown that this is wrong, using a version of the well-known Dasgupta-Heal economy (with one capital and one nonrenewable resource stock) as a counterexample. Asheim's proof referred to the unproved assumptions that in such an economy a higher rate of time preference induces higher initial consumption and vice versa, and that 'optimal' consumption is initially rising and then falling. Here the authors show that these assumptions do hold true under certain circumstances, thereby also proving some of Dasgupta and Heal's other conjectures about sustainability. Copyright 1998 by The editors of the Scandinavian Journal of Economics.

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Article provided by Blackwell Publishing in its journal Scandinavian Journal of Economics.

Volume (Year): 100 (1998)
Issue (Month): 2 (June)
Pages: 513-27
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Handle: RePEc:bla:scandj:v:100:y:1998:i:2:p:513-27

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  1. Asheim, Geir B., 2005. "Can NNP be used for welfare comparisons?," Memorandum 24/2005, Oslo University, Department of Economics. [Downloadable!]
    Other versions:
  2. John C. V. Pezzey, 2001. "Exact measures of income in two capital-resource-time economies," Working Papers in Ecological Economics 0102, Australian National University, Centre for Resource and Environmental Studies, Ecological Economics Program. [Downloadable!]
  3. Toman, Michael & Pezzey, John C., 2002. "The Economics of Sustainability: A Review of Journal Articles," Discussion Papers dp-02-03, Resources For the Future. [Downloadable!]
  4. Simone Valente, 2002. "Renewable Resources And Sustainable Development," Departmental Working Papers 175, Tor Vergata University, CEIS. [Downloadable!]
  5. Geir Asheim & Wolfgang Buchholz & Cees Withagen, 2003. "The Hartwick Rule: Myths and Facts," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 25(2), pages 129-150, June. [Downloadable!] (restricted)
    Other versions:
  6. Bazhanov, Andrei, 2008. "Sustainable growth in a resource-based economy: the extraction-saving relationship," MPRA Paper 12350, University Library of Munich, Germany. [Downloadable!]
  7. BRECHET, Thierry & LAMBRECHT, StŽphane, 2005. "Puzzling over sustainability: an equilibrium analysis," CORE Discussion Papers 2005001, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
  8. Simone Valente, 2009. "Accumulation Regimes in Dynastic Economies with Resource Dependence and Habit Formation," Economics working paper series 09/101, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich. [Downloadable!]
  9. William A. Brock & M. Scott Taylor, 2004. "Economic Growth and the Environment: A Review of Theory and Empirics," NBER Working Papers 10854, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  10. Knapp, Keith, 2006. "Recursive Sustainability: Intertemporal Efficiency and Equity," 2006 Annual meeting, July 23-26, Long Beach, CA 21472, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  11. AMIGUES Jean-Pierre & MOREAUX Michel, 2008. "Efficient and Optimal Capital Accumulation and Non Renewable Resource Depletion: The Hartwick Rule in a Two Sector Model," Working Papers 08.14.258, LERNA, University of Toulouse. [Downloadable!]
  12. Jeroen C.J.M. van den Bergh & Harmen Verbruggen, 1998. "Spatial Sustainability, Trade and Indicators," Tinbergen Institute Discussion Papers 98-105/3, Tinbergen Institute. [Downloadable!]
  13. John C. V. Pezzey, 2002. "Exact Measures of Income in a Hyperbolic Economy," Economics and Environment Network Working Papers 0203, Australian National University, Economics and Environment Network. [Downloadable!]
  14. Ulla Lehmijoki, 2004. "On the Beach? Sustainability, Optimal Pollution, and Optimal Population," DEGIT Conference Papers c009_039, DEGIT, Dynamics, Economic Growth, and International Trade. [Downloadable!]
  15. Hassan Benchekroun & Cees Withagen, . "Global Dynamics In A Growth Model With An Exhaustible Resource," Departmental Working Papers 2008-01, McGill University, Department of Economics. [Downloadable!]
  16. John C. V. Pezzey, 2005. "Sustained growth from non-renewable resources: constant absolute genuine savings and constant relative genuine savings compared," Economics and Environment Network Working Papers 0502, Australian National University, Economics and Environment Network. [Downloadable!]
  17. John C. V. Pezzey, 2001. "Sustainability Policy and Environmental Policy," Economics and Environment Network Working Papers 0104, Australian National University, Economics and Environment Network. [Downloadable!]
  18. Agustin, PEREZ BARAHONA, 2007. "Capital Accumulation and Non-Renewable Energy Resources : a Special Functions Case," Discussion Papers (ECON - Département des Sciences Economiques) 2007008, Université catholique de Louvain, Département des Sciences Economiques. [Downloadable!]
  19. Samakovlis, Eva, 2008. "How are Green National Accounts Produced in Practice?," Working Paper 105, National Institute of Economic Research. [Downloadable!]
  20. John C. V. Pezzey, 2002. "Sustainability Policy and Environmental Policy," Economics and Environment Network Working Papers 0211, Australian National University, Economics and Environment Network. [Downloadable!]
  21. John C. V. Pezzey, 2002. "A One-sided Sustainability Test With Multiple Consumption Goods," Working Papers in Ecological Economics 0201, Australian National University, Centre for Resource and Environmental Studies, Ecological Economics Program. [Downloadable!]
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