Lee Endress (Asia Pacific Center for Security Studies, Hawaii) Sittidaj Pongkijvorasin (Chulalongkorn University) James Roumasset () (Department of Economics, University of Hawaii at Manoa) Basharat Pitafi (Southern Illinois University, Carbondale)
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We argue that intergenerational neutrality has been prematurely excluded from the dialogue on sustainable growth. By incorporating Burton’s distinction between intragenerational and intergenerational discounting into a model suitable for analyzing sustainability issues, we are able to accommodate some of the underlying concerns. We show that in an economy with a renewable resource, eschewing intergenerational discounting leads to the implication of a sustained growth path, without the necessity of a sustainability constraint. We find that green net national product remains constant along the optimal approach path to golden rule consumption. This avoids the paradox that maximizing sustainable income leads to unsustained consumption and income.
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Paper provided by University of Hawaii at Manoa, Department of Economics in its series Working Papers with number
200906.
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