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Renewable Natural Resources And Endogenous Growth

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Author Info
AZNAR-M RQUEZ, J.
RUIZ-TAMARIT, J.R.

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Abstract

We study the sustainability of long-run growth in a two-sector economy where a renewable natural resource is exploited under private property rights. We obtain short- and long-run growth trajectories in closed form, examine transitional dynamics, and characterize convergence properties. We find conditions for sustainable long-run growth, which depend on the harvesting rate, and show that the speed of convergence decreases during transition. We identify a stronger version of Hartwick s rule and analyze parameter dependences for endogenous variables. Economic growth relies less on abundance or scarcity of natural resources than on the way they are managed.

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Publisher Info
Article provided by Cambridge University Press in its journal Macroeconomic Dynamics.

Volume (Year): 9 (2005)
Issue (Month): 02 (April)
Pages: 170-197
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Handle: RePEc:cup:macdyn:v:9:y:2005:i:02:p:170-197_04

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Joseph E. Stiglitz, 1980. "A Neoclassical Analysis of the Economics of Natural Resources," NBER Reprints 0077, National Bureau of Economic Research, Inc.
  2. Thorvaldur Gylfason & Gylfi Zoega, 2001. "Natural Resources and Economic Growth: The Role of Investment," EPRU Working Paper Series 01-02, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics. [Downloadable!]
    Other versions:
  3. repec:cup:macdyn:v:3:y:1999:i:2:p:204-25 is not listed on IDEAS
  4. Sachs, J-D & Warner, A-M, 1995. "Natural Resource Abundance and Economic Growth," Papers 517a, Harvard - Institute for International Development.
  5. Jeffrey D. Sachs & Andrew M. Warner, 1995. "Natural Resource Abundance and Economic Growth," NBER Working Papers 5398, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Rodriguez, Francisco & Sachs, Jeffrey D, 1999. " Why Do Resource-Abundant Economies Grow More Slowly?," Journal of Economic Growth, Springer, vol. 4(3), pages 277-303, September. [Downloadable!] (restricted)
  7. Gylfason, Thorvaldur & Herbertsson, Tryggvi Thor & Zoega, Gylfi, 1997. "A Mixed Blessing: Natural Resources and Economic Growth," CEPR Discussion Papers 1668, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  8. Gylfason, Thorvaldur, 2001. "Natural resources, education, and economic development," European Economic Review, Elsevier, vol. 45(4-6), pages 847-859, May. [Downloadable!] (restricted)
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  9. J. AZNAR-MARQUEZ & J.R. Ruiz-Tamarit, 2002. "Closed-Form Solution for a Two-Sector Endogenous Growth Model with two Controls," Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Discussion Paper 2002030, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
  10. Gylfason, Thorvaldur, 2001. "Nature, Power, and Growth," Scottish Journal of Political Economy, Scottish Economic Society, vol. 48(5), pages 558-88, November. [Downloadable!] (restricted)
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  11. Auty, Richard M., 2001. "The political economy of resource-driven growth," European Economic Review, Elsevier, vol. 45(4-6), pages 839-846, May. [Downloadable!] (restricted)
  12. Sachs, Jeffrey D. & Warner, Andrew M., 2001. "The curse of natural resources," European Economic Review, Elsevier, vol. 45(4-6), pages 827-838, May. [Downloadable!] (restricted)
  13. Robert E. Lucas, Jr., 1989. "On the Mechanics of Economic Development," NBER Reprints 1176, National Bureau of Economic Research, Inc.
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  14. Benhabib Jess & Perli Roberto, 1994. "Uniqueness and Indeterminacy: On the Dynamics of Endogenous Growth," Journal of Economic Theory, Elsevier, vol. 63(1), pages 113-142, June. [Downloadable!] (restricted)
  15. José Ramón Ruiz-Tamarit, . "Multiplicity, Overtaking and Convergence in the Lucas Two-Sector Growth Model," Working Papers 2002-17, FEDEA. [Downloadable!]
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. J. AZNAR-MARQUEZ & J.R. Ruiz-Tamarit, 2002. "Closed-Form Solution for a Two-Sector Endogenous Growth Model with two Controls," Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Discussion Paper 2002030, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
  2. José Ramón Ruiz Tamarit & Manuel Sánchez Moreno, 2006. "Optimal Regulation And Growth In A Natural-Resource-Based Economy," Working Papers. Serie AD 2006-21, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
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