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Pricing The Limits To Growth From Minerals Depletion

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  • Martin L. Weitzman

Abstract

This paper evaluates the loss of global welfare from exhaustion of nonrenewable resources, such as oil. The underlying methodology represents an empirical application of some recent developments in the theory of green accounting and sustainability. The paper estimates that the world loses the equivalent of about 1 percent of final consumption per year from finiteness of the earth's resources, compared with a counterfactual trajectory where global extraction of minerals is allowed to remain forever constant at today's flow rates and extraction costs. © 2000 the President and Fellows of Harvard College and the Massachusetts Institute of Technology

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Bibliographic Info

Article provided by MIT Press in its journal The Quarterly Journal of Economics.

Volume (Year): 114 (1999)
Issue (Month): 2 (May)
Pages: 691-706

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Handle: RePEc:tpr:qjecon:v:114:y:1999:i:2:p:691-706

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  1. Weitzman, Martin L, 1976. "On the Welfare Significance of National Product in a Dynamic Economy," The Quarterly Journal of Economics, MIT Press, vol. 90(1), pages 156-62, February.
  2. Martin L. Weitzman & Karl-Gustaf Lofgren, 1996. "On the Welfare Significance of Green Accounting as Taught by Parable," Harvard Institute of Economic Research Working Papers 1755, Harvard - Institute of Economic Research.
  3. William D. Nordhaus, 1995. "How Should We Measure Sustainable Income?," Cowles Foundation Discussion Papers 1101, Cowles Foundation for Research in Economics, Yale University.
  4. Stollery, Kenneth R., 1983. "Mineral depletion with cost as the extraction limit: A model applied to the behavior of prices in the nickel industry," Journal of Environmental Economics and Management, Elsevier, vol. 10(2), pages 151-165, June.
  5. Pindyck, Robert S., 1987. "On monopoly power in extractive resource markets," Journal of Environmental Economics and Management, Elsevier, vol. 14(2), pages 128-142, June.
  6. Pindyck, Robert S, 1978. "Gains to Producers from the Cartelization of Exhaustible Resources," The Review of Economics and Statistics, MIT Press, vol. 60(2), pages 238-51, May.
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RePEc Biblio mentions

As found on the RePEc Biblio, the curated bibliography for Economics:
  1. > Environmental and Natural Resource Economics > Environmental Economics > Environmental accounting
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Cited by:
  1. M. del Mar Rubio Varas, 2005. "Value and depreciation of mineral resources over the very long run: An empirical contrast of different methods," Economics Working Papers 867, Department of Economics and Business, Universitat Pompeu Fabra.
  2. Harris, Michael & Pearson, Leonie J., 2004. "Using 'Inclusive Wealth' to Measure and Model Sustainable Development in Australia: A working example," 2004 Conference (48th), February 11-13, 2004, Melbourne, Australia 58457, Australian Agricultural and Resource Economics Society.
  3. Farhad Nili & Gabriel Talmain, . "Rent-seeking, Occupational Choice and Oil Boom," Discussion Papers 01/11, Department of Economics, University of York.
  4. Ayres, Robert U., 2008. "Sustainability economics: Where do we stand?," Ecological Economics, Elsevier, vol. 67(2), pages 281-310, September.
  5. Garmendia, E. & Prellezo, R. & Murillas, A. & Escapa, M. & Gallastegui, M., 2010. "Weak and strong sustainability assessment in fisheries," Ecological Economics, Elsevier, vol. 70(1), pages 96-106, November.
  6. Hendrik Van den Berg, 2012. "Explaining neoclassical economists' pro-growth agenda: does the popular Solow growth model bias economic analysis?," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 3(1), pages 40-62.
  7. Simon, György, 2001. "Növekedési mechanizmus - növekedési modell
    [Growth mechanism - growth model]
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(3), pages 185-202.

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