Integrated economy of humans and biological resources: A general equilibrium approach
AbstractThis paper develops a model of economic growth where a natural resource is an important part of the economy. In the environment of labor and capital markets and an open access resource stock the general equilibrium approach allows for the endogenous prices and consumption, as well as labor allocation between employment and harvest of the resource for own consumption. Equilibrium for the model is defined and characterized. The analysis of steady state and approach dynamics show that if an economy has a high capital stock and high employment then it can converge to a steady state without depleting an open access resource stock. However, if an economy has low capital stock and low employment then it can deplete its resource stock.
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Bibliographic InfoPaper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2005 Annual meeting, July 24-27, Providence, RI with number 19312.
Date of creation: 2005
Date of revision:
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Resource /Energy Economics and Policy;
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- Brock, William & Xepapadeas, Anastasios, 2002.
"Optimal Ecosystem Management when Species Compete for Limiting Resources,"
Journal of Environmental Economics and Management,
Elsevier, vol. 44(2), pages 189-220, September.
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- Tjalling C. Koopmans, 1963. "On the Concept of Optimal Economic Growth," Cowles Foundation Discussion Papers 163, Cowles Foundation for Research in Economics, Yale University.
- Magill, Michael & Shafer, Wayne, 1991. "Incomplete markets," Handbook of Mathematical Economics, in: W. Hildenbrand & H. Sonnenschein (ed.), Handbook of Mathematical Economics, edition 1, volume 4, chapter 30, pages 1523-1614 Elsevier.
- Christopher B. Barrett & Peter Arcese, 1998. "Wildlife Harvest in Integrated Conservation and Development Projects: Linking Harvest to Household Demand, Agricultural Production, and Environmental Shocks in the Serengeti," Land Economics, University of Wisconsin Press, vol. 74(4), pages 449-465.
- Michael Magill & Martine Quinzii, 2002. "Theory of Incomplete Markets, Volume 1," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262632543, December.
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