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Sustainable Development Without Constraints

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Author Info
James A Roumasset () (Department of Economics, University of Hawaii at Manoa)
Lee H Endress (Asia-Pacific Center for Security Studies)

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Abstract

We explore the possibility of representing sustainability concerns in the objective function of an optimal growth problem instead of as a constraint. In a general model with capital accumulation and resource depletion, we represent intergenerational equity using the pure rate of time preference and the elasticity of the marginal social utility of income and that a sustainability constraint would be either redundant or render the optimization problem indeterminate. The model also provides a basis for evaluating the deprecation of natural capital for adjusted national income accounts such that maximizing adjusted national income is equivalent to a period- by - period solution of the intertemporal welfare problem. This approach to sustainability rests on the firm theoretical foundations establish by three pioneers of economic dynamics and growth: Frank Ramsey, Harold Hotelling, and Tjalling Koopmans.

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File URL: http://www.economics.hawaii.edu/research/workingpapers/009.pdf
File Format: application/pdf
File Function: First version, 2000
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Publisher Info
Paper provided by University of Hawaii at Manoa, Department of Economics in its series Working Papers with number 200009.

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Length: 35 pages
Date of creation: 2000
Date of revision:
Handle: RePEc:hai:wpaper:200009

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  1. Lewis, Tracy R, 1982. "Sufficient Conditions for Extracting Least Cost Resource First," Econometrica, Econometric Society, vol. 50(4), pages 1081-83, July. [Downloadable!] (restricted)
  2. Dasgupta, Partha, 1974. "On some alternative criteria for justice between generations," Journal of Public Economics, Elsevier, vol. 3(4), pages 405-423, November. [Downloadable!] (restricted)
  3. Endress, Lee H & Roumasset, James A, 1994. "Golden Rules for Sustainable Resource Management," The Economic Record, The Economic Society of Australia, vol. 70(210), pages 267-77, September.
    Other versions:
  4. Geoffrey Heal, 1976. "The Relationship Between Price and Extraction Cost for a Resource with a Backstop Technology," Bell Journal of Economics, The RAND Corporation, vol. 7(2), pages 371-378, Autumn. [Downloadable!] (restricted)
  5. Heal, Geoffrey M., 1993. "The optimal use of exhaustible resources," 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 18, pages 855-880 Elsevier. [Downloadable!] (restricted)
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  6. Burton Peter S., 1993. "Intertemporal Preferences and Intergenerational Equity Considerations in Optimal Resource Harvesting," Journal of Environmental Economics and Management, Elsevier, vol. 24(2), pages 119-132, March. [Downloadable!] (restricted)
  7. Tjalling C. Koopmans, 1959. "Stationary Ordinal Utility and Impatience," Cowles Foundation Discussion Papers 81, Cowles Foundation, Yale University. [Downloadable!]
  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, Blackwell Publishing, vol. 47(3), pages 551-56, April. [Downloadable!] (restricted)
  9. Andrea Beltratti & Graciela Chichilnisky & Geoffrey Heal, 1993. "Sustainable Growth and the Green Golden Rule," NBER Working Papers 4430, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  10. Diewert, W. E., 1983. "Cost-benefit analysis and project evaluation : A comparison of alternative approaches," Journal of Public Economics, Elsevier, vol. 22(3), pages 265-302, December. [Downloadable!] (restricted)
  11. Solow, Robert M, 1986. " On the Intergenerational Allocation of Natural Resources," Scandinavian Journal of Economics, Blackwell Publishing, vol. 88(1), pages 141-49.
  12. Diamond, P A & Mirrlees, James A, 1976. "Private Constant Returns and Public Shadow Prices," Review of Economic Studies, Blackwell Publishing, vol. 43(1), pages 41-47, February. [Downloadable!] (restricted)
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  13. Asheim, Geir B, 1988. "Rawlsian Intergenerational Justice as a Markov-Perfect Equilibrium in a Resource Technology," Review of Economic Studies, Blackwell Publishing, vol. 55(3), pages 469-83, July. [Downloadable!] (restricted)
  14. Weitzman, Martin L, 1976. "On the Welfare Significance of National Product in a Dynamic Economy," The Quarterly Journal of Economics, MIT Press, vol. 90(1), pages 156-62, February. [Downloadable!] (restricted)
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  15. Olson, Mancur & Bailey, Martin J, 1981. "Positive Time Preference," Journal of Political Economy, University of Chicago Press, vol. 89(1), pages 1-25, February. [Downloadable!] (restricted)
  16. Solow, Robert, 1993. "An almost practical step toward sustainability," Resources Policy, Elsevier, vol. 19(3), pages 162-172, September. [Downloadable!] (restricted)
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