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The Hartwick rule and the characterization of constant consumption paths in the presence of an exhaustible resource

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  • Vincent MARTINET

    ()
    (THEMA, Department of Economics, Universit´e de Paris X-Nanterre, 200 av. de la R´epublique, 92001 Nanterre Cedex, France)

Abstract

This paper deals with the interpretation of the Hartwick rule in the particular Dasgupta-Heal-Solow model with one capital good and one non-renewable resource. It is argued that the rule is more a descriptive property of constant consumption paths than a sustainability indicator. It is shown that investing the rents from the resource use into man-made capital is a necessary condition for an efficient resource depletion but it is not a sufficient condition for sustainability. A sustainable consumption indicator is described to characterize the sustainability of constant consumption paths.

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Bibliographic Info

Paper provided by THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise in its series THEMA Working Papers with number 2005-06.

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Date of creation: 2005
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Handle: RePEc:ema:worpap:2005-06

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Keywords: Hartwick rule; non-renewable resources; sustainable consumption.;

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