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The Internalisation of Environmental Capital Stocks into an Aggregate Cobb-Douglas Function

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  • Thampapillai, Dodo

    (Maquarie University)

  • Hanf, Claus-H.

    (Christian Albrechts University)

Abstract

Following Solow’s (1986) conceptual exposition, a Cobb-Douglas production function which contains environmental capital as an explicit argument and displays constant returns to scale, is illustrated with Australian data. An important aspect of the illustration is the estimation of stock values for environmental capital analogous to those for manufactured capital. When sustainability and the non-sustainability of at least some components of environmental capital are recognised, it is possible to show that all rents owing to the entire stock of environmental capital need to be set aside as a depreciation allowance. This interference has implications for regional and national policy formulation.

Suggested Citation

  • Thampapillai, Dodo & Hanf, Claus-H., 2000. "The Internalisation of Environmental Capital Stocks into an Aggregate Cobb-Douglas Function," Economic Analysis and Policy, Elsevier, vol. 30(2), pages 209-215, September.
    • Handle: RePEc:eee:ecanpo:v:30:y:2000:i:2:p:209-215
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    Cited by:

    1. Kwabena Asomanin Anaman & Felix Agyei-Sasu, 2014. "The Economic Value of Environmental Capital Inputs Used to Produce the Gross Domestic Product in Ghana, 1993 to 2012," Research in World Economy, Research in World Economy, Sciedu Press, vol. 5(2), pages 74-92, September.
    2. Anaman, Kwabena A., 2004. "Determinants of economic growth in Brunei Darussalam," Journal of Asian Economics, Elsevier, vol. 15(4), pages 777-796, August.

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