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Environment in Three Classes of Endogenous Growth Models

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Author Info
Elbasha, Elamin H.
Roe, Terry L.
Abstract

The implications of environmental externalities are studied within three classes of endogenous growth models viz. the linear technology models, the human capital models, and the R&D and innovation models. The long-run rate of economic growth changes when environmental extemalities are introduced; the direction of change depends on the severity of extemalities and the intertemporal elasticity of substitution. The presence of environmental externalities cause the decentralized growth rate to diverge from the efficient rate. Which rate is bigger than the other depends, among other things, on the valuation of consumption relative to environmental quality. Several policy changes to align the two paths are discussed. The models are calibrated to U.S. data.

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Paper provided by University of Minnesota, Economic Development Center in its series Bulletins with number 7474.

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Date of creation: 1995
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Handle: RePEc:ags:umedbu:7474

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Keywords: Environmental Economics and Policy; International Development;

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Charles Blitzer & Richard Eckaus & Supriya Lahiri & Alexander Meeraus, 1993. "Growth and Welfare Losses from Carbon Emissions Restrictions: A General Equilibrium Analysis for Egypt," The Energy Journal, International Association for Energy Economics, vol. 14(1), pages 57-82.
  2. Hall, Robert E, 1988. "Intertemporal Substitution in Consumption," Journal of Political Economy, University of Chicago Press, vol. 96(2), pages 339-57, April. [Downloadable!] (restricted)
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  3. Cropper, M L, 1981. "Measuring the Benefits from Reduced Morbidity," American Economic Review, American Economic Association, vol. 71(2), pages 235-40, May. [Downloadable!] (restricted)
  4. d'Arge, R C & Kogiku, K C, 1973. "Economic Growth and the Environment," Review of Economic Studies, Blackwell Publishing, vol. 40(1), pages 61-77, January. [Downloadable!] (restricted)
  5. Jones, Larry E & Manuelli, Rodolfo E, 1990. "A Convex Model of Equilibrium Growth: Theory and Policy Implications," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 1008-38, October. [Downloadable!] (restricted)
  6. Solow, Robert M, 1994. "Perspectives on Growth Theory," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 45-54, Winter. [Downloadable!] (restricted)
  7. Gene M. Grossman & Alan B. Krueger, 1994. "Economic Growth and the Environment," NBER Working Papers 4634, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Rebelo, Sergio, 1991. "Long-Run Policy Analysis and Long-Run Growth," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 500-521, June. [Downloadable!] (restricted)
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  9. Tahvonen Olli & Kuuluvainen Jari, 1993. "Economic Growth, Pollution, and Renewable Resources," Journal of Environmental Economics and Management, Elsevier, vol. 24(2), pages 101-118, March. [Downloadable!] (restricted)
  10. Bovenberg, A.L. & Smulders, S., 1993. "Environmental Quality and Pollution-Saving Technological Change in Two- Sector Endogenous Growth Model," Papers 9321, Tilburg - Center for Economic Research.
  11. Gruver, Gene W., 1976. "Optimal investment in pollution control capital in a neoclassical growth context," Journal of Environmental Economics and Management, Elsevier, vol. 3(3), pages 165-177, October. [Downloadable!] (restricted)
  12. Nordhaus, William D, 1991. "A Sketch of the Economics of the Greenhouse Effect," American Economic Review, American Economic Association, vol. 81(2), pages 146-50, May. [Downloadable!] (restricted)
  13. Krautkraemer, Jeffrey A, 1985. "Optimal Growth, Resource Amenities, and the Preservation of Natural Environments," Review of Economic Studies, Blackwell Publishing, vol. 52(1), pages 153-70, January. [Downloadable!] (restricted)
  14. Jorgenson, Dale W. & Wilcoxen, Peter J., 1993. "Energy the environment, and economic growth," Handbook of Natural Resource and Energy Economics, in: A. V. Kneese† & J. L. Sweeney (ed.), Handbook of Natural Resource and Energy Economics, edition 1, volume 3, chapter 27, pages 1267-1349 Elsevier. [Downloadable!] (restricted)
  15. Keeler, Emmett & Spence, Michael & Zeckhauser, Richard, 1972. "The optimal control of pollution," Journal of Economic Theory, Elsevier, vol. 4(1), pages 19-34, February. [Downloadable!] (restricted)
  16. Grossman, Gene M & Helpman, Elhanan, 1994. "Endogenous Innovation in the Theory of Growth," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 23-44, Winter. [Downloadable!] (restricted)
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  17. 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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  18. Romer, Paul M, 1994. "The Origins of Endogenous Growth," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 3-22, Winter. [Downloadable!] (restricted)
  19. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July. [Downloadable!] (restricted)
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  1. Francesco Ricci, 2004. "Channels of Transmission of Environmental Policy to Economic Growth: A Survey of the Theory," Working Papers 2004.52, Fondazione Eni Enrico Mattei. [Downloadable!]
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