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Exhaustible Resources, Monopolistic Competition, and Endogenous Growth

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Author Info
Christian Scholz
Georg Ziemes
Abstract

One of the central analytical findings of the growth literature is that continuous growth is possible even in an economy with exhaustible resources. Based on this result, this paper addresses the question of whether different equilibrium trajectories which lead to a balanced growth path are possible within an endogenous growth model with incomplete competition. Although the Solow-Stiglitz condition is violated due to a monopolistic sector, we nevertheless demonstrate that steady growth in per capita consumption is possible under the condition that the rate of entry of new monopolists exceeds that of the average monopolist's decline in output. As a necessary but not sufficient condition for indeterminacies in a growing economy, this paper demonstrates that the partial production elasticity of capital must be smaller than that of the exhaustible resource. Copyright Kluwer Academic Publishers 1999

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File URL: http://hdl.handle.net/10.1023/A:1008201811142
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Article provided by European Association of Environmental and Resource Economists in its journal Environmental and Resource Economics.

Volume (Year): 13 (1999)
Issue (Month): 2 (March)
Pages: 169-185
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Handle: RePEc:kap:enreec:v:13:y:1999:i:2:p:169-185

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Related research
Keywords: endogenous growth; exhaustible resources; indeterminacies of growth paths; monopolistic competition;

References listed on IDEAS
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  1. Barro, Robert J. & Sala-i-Martin, Xavier, 1992. "Public Finance in Models of Economic Growth," CEPR Discussion Papers 630, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. Benhabib, Jess & Gali, Jordi, 1995. "On growth and indeterminacy: some theory and evidence," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 43(1), pages 163-211, December. [Downloadable!] (restricted)
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  3. 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)
  4. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, vol. 60(2), pages 323-51, March. [Downloadable!] (restricted)
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  5. R. M. Solow, 1973. "Intergenerational Equity and Exhaustable Resources," Working papers 103, Massachusetts Institute of Technology (MIT), Department of Economics.
  6. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S71-102, October. [Downloadable!] (restricted)
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  7. King, Robert G. & Plosser, Charles I. & Rebelo, Sergio T., 1988. "Production, growth and business cycles : I. The basic neoclassical model," Journal of Monetary Economics, Elsevier, vol. 21(2-3), pages 195-232. [Downloadable!] (restricted)
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  1. 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)
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  2. Giovanni Bella, 2006. "Uniqueness and Indeterminacy of Equilibria in a Model with Polluting Emissions," Working Papers 2006.28, Fondazione Eni Enrico Mattei. [Downloadable!]
  3. Karen Pittel & Lucas Bretschger, 2008. "Sectoral Heterogeneity, Resource Depletion, and Directed Technical Change: Theory and Policy," Economics working paper series 08/96, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich. [Downloadable!]
  4. Betty Agnany & Mª Jose Gutierrez & Amaia Iza, 2003. "Growth in Overlapping Generation Economies with Non-Renewable Resources," DFAEII Working Papers 200222, University of the Basque Country - Department of Foundations of Economic Analysis II. [Downloadable!]
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  5. Bety Agnany & Maria Jose Gutierrez & Amaia Iza, 2007. "R&D Policy in Economies with Endogenous Growth and Non-Renewable Resources," ThE Papers 07/09, Department of Economic Theory and Economic History of the University of Granada.. [Downloadable!]
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  6. GROWIEC, Jakub & SCHUMACHER, Ingmar, 2006. "On technical change in the elasticities of resource inputs," CORE Discussion Papers 2006063, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
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  7. Nelissen, Dagmar & Requate, Till, 2004. "Pollution-Reducing and Resource-Saving Technological Progress," Economics Working Papers 2004,07, Christian-Albrechts-University of Kiel, Department of Economics. [Downloadable!]
  8. Charles van Marrewijk, 2005. "Geographical Economics and the Role of Pollution on Location," Tinbergen Institute Discussion Papers 05-018/2, Tinbergen Institute. [Downloadable!]
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