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Endogenous Growth and Property Rights over Renewable Resources

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  • Nujin Suphaphiphat
  • Pietro F. Peretto
  • Simone Valente

Abstract

We analyze the general-equilibrium effects of alternative regimes of access rights over renewable natural resources – –namely, open access versus full property rights –on the pace of development when economic growth is endogenously driven by both horizontal and vertical innovations. Resource exhaustion may occur under both regimes but is more likely to arise under open access. Under full property rights, positive resource rents increase expenditures and temporarily accelerate productivity growth, but also yield a higher resource price at least in the short-to-medium run. We characterize analytically the welfare effect of a regime switch induced by a failure in property rights enforcement: switching to open access is welfare reducing if the utility gain generated by the initial drop in the resource price is more than offset by the static and dynamic losses induced by reduced expenditure.

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Bibliographic Info

Paper provided by Duke University, Department of Economics in its series Working Papers with number 13-11.

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Length: 40
Date of creation: 2013
Date of revision:
Handle: RePEc:duk:dukeec:13-11

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Postal: Department of Economics Duke University 213 Social Sciences Building Box 90097 Durham, NC 27708-0097
Phone: (919) 660-1800
Fax: (919) 684-8974
Web page: http://econ.duke.edu/

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Keywords: Endogenous growth; Innovation; Renewable Resources; Sustainable Development; Property Rights;

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  1. Lans Bovenberg, A. & Smulders, Sjak, 1995. "Environmental quality and pollution-augmenting technological change in a two-sector endogenous growth model," Journal of Public Economics, Elsevier, vol. 57(3), pages 369-391, July.
  2. Jakob B. Madsen & Isfaaq Timol, 2010. "Long-Run Convergence in Manufacturing and Innovation-Based Models," Development Research Unit Working Paper Series 09-10, Monash University, Department of Economics.
  3. Peretto, Pietro F. & Valente, Simone, 2011. "Resources, innovation and growth in the global economy," Journal of Monetary Economics, Elsevier, vol. 58(4), pages 387-399.
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  10. Peretto, Pietro F., 1997. "Technological Change, Market Rivalry, and the Evolution of theCapitalist Engine of Growth," Working Papers 97-06, Duke University, Department of Economics.
  11. Christopher Laincz & Pietro Peretto, 2006. "Scale effects in endogenous growth theory: an error of aggregation not specification," Journal of Economic Growth, Springer, vol. 11(3), pages 263-288, September.
  12. Gardner Brown, 2000. "Renewable Natural Resource Management and Use Without Markets," Discussion Papers in Economics at the University of Washington 0025, Department of Economics at the University of Washington.
  13. Tahvonen, Olli & Kuuluvainen, Jari, 1991. "Optimal growth with renewable resources and pollution," European Economic Review, Elsevier, vol. 35(2-3), pages 650-661, April.
  14. Plourde, C G, 1970. "A Simple Model of Replenishable Natural Resource Exploitation," American Economic Review, American Economic Association, vol. 60(3), pages 518-22, June.
  15. Peretto, Pietro F., 2012. "Resource abundance, growth and welfare: A Schumpeterian perspective," Journal of Development Economics, Elsevier, vol. 97(1), pages 142-155.
  16. Ayong Le Kama, Alain D., 2001. "Sustainable growth, renewable resources and pollution," Journal of Economic Dynamics and Control, Elsevier, vol. 25(12), pages 1911-1918, December.
  17. Jakob B. Madsen, 2009. "The Anatomy of Growth in the OECD since 1870: the Transformation from the Post-Malthusian Growth Regime to the Modern Growth Epoch," Development Research Unit Working Paper Series 14-09, Monash University, Department of Economics.
  18. Peretto, P. & Smulders, J.A., 2002. "Technological distance, growth and scale effects," Open Access publications from Tilburg University urn:nbn:nl:ui:12-89730, Tilburg University.
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