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The Hartwick rule as a conservation law

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  • Heijnen, P.

    ()
    (Universiteit van Amsterdam)

Abstract

Using conservation laws, we provide a new proof of the Hartwick result, i.e. there is intergenerational equity if and only if net investment is constant. Subsequently, the technique is used to show that constant net investment does not indicate intergenerational equity if consumers value the existence of an essential non-renewable resource.

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File URL: http://www1.fee.uva.nl/cendef/publications/papers/simpleproofHartwick_v2.pdf
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Bibliographic Info

Paper provided by Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance in its series CeNDEF Working Papers with number 08-11.

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Date of creation: 2008
Date of revision:
Handle: RePEc:ams:ndfwpp:08-11

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Postal: Dept. of Economics and Econometrics, Universiteit van Amsterdam, Roetersstraat 11, NL - 1018 WB Amsterdam, The Netherlands
Phone: + 31 20 525 52 58
Fax: + 31 20 525 52 83
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Web page: http://www.fee.uva.nl/cendef/
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  1. Sato, Ryuzo & Kim, Youngduk, 2002. "Hartwick's rule and economic conservation laws," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 26(3), pages 437-449, March.
  2. Antoine D'Autume & Katheline Schubert, 2008. "Hartwick's rule and maximin paths when the exhaustible resource has an amenity value," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00275765, HAL.
  3. Geir B. Asheim & Wolfgang Buchholz, 2000. "The Hartwick Rule: Myths and Facts," CESifo Working Paper Series 299, CESifo Group Munich.
  4. R. M. Solow, 1973. "Intergenerational Equity and Exhaustable Resources," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 103, Massachusetts Institute of Technology (MIT), Department of Economics.
  5. Hartwick, John M, 1977. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," American Economic Review, American Economic Association, American Economic Association, vol. 67(5), pages 972-74, December.
  6. Heal, G., 1998. "Valuing the Future: Economic Theory and Sustainability," Papers, Columbia - Graduate School of Business 98-10, Columbia - Graduate School of Business.
  7. Asheim, Geir B. & Weitzman, Martin L., 2001. "Does NNP growth indicate welfare improvement?," Economics Letters, Elsevier, Elsevier, vol. 73(2), pages 233-239, November.
  8. Dixit, Avinash & Hammond, Peter & Hoel, Michael, 1980. "On Hartwick's Rule for Regular Maximin Paths of Capital Accumulation and Resource Depletion," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 47(3), pages 551-56, April.
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Cited by:
  1. Bormotov, Michael, 2010. "Modern Knowledge Based Economy: all-factors endogenous growth model and total investment allocation," MPRA Paper 19932, University Library of Munich, Germany.

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