Free trade may save a renewable resource from exhaustion
AbstractThis study considers a small open economy in which two tradable final goods are produced by using a non-tradable resource good, which has an open-access property, as an input as well as a primary factor. If the intrinsic growth rate of the resource is relatively low, there may be no non-trivial steady state or multiple steady states. This implies that, by opening international trade, the economy can escape from the risk of complete depletion of the resource.
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Bibliographic InfoArticle provided by AccessEcon in its journal Economics Bulletin.
Volume (Year): 33 (2013)
Issue (Month): 1 ()
Contact details of provider:
International trade; Open-access renewable resources; Intermediate good; Multiple steady states; Resource depletion;
Find related papers by JEL classification:
- F1 - International Economics - - Trade
- Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
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