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A step beside the maximin path: can we sustain the economy by following Hartwick's investment rule?

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  • Vincent Martinet

    (ECO-PUB - Economie Publique - INRA - Institut National de la Recherche Agronomique - AgroParisTech, EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract

Si la durabilité est interprétée comme la nécessité de soutenir le niveau de consommation ou d'utilité, alors l'utilisation d'un critère "maximin" est pertinente. L'économie "soutenable" est caractérisée par un niveau d'investissement optimal qui satisfait la règle d'investissement d'Hartwick. Cet article examine comment la durabilité d'une économie basée sur une ressource non renouvelable est modifiée au voisinage du sentier maximin, c'est-à-dire lorsque la consommation ou les prix sont sous-optimaux. Un indicateur de consommation soutenable est proposé pour caractériser la durabilité des sentiers de consommation constante, définis comme des déviations au sentier maximin. On décrit en particulier comment une sur-consommation présente diminue la soutenabilité de l'économie pour les générations futures.

Suggested Citation

  • Vincent Martinet, 2007. "A step beside the maximin path: can we sustain the economy by following Hartwick's investment rule?," Post-Print hal-01172817, HAL.
    • Handle: RePEc:hal:journl:hal-01172817
    DOI: 10.1016/j.ecolecon.2007.07.019
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    References listed on IDEAS

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    Cited by:

    1. Bazhanov, Andrei V., 2013. "Constant-utility paths in a resource-based economy," Resource and Energy Economics, Elsevier, vol. 35(3), pages 342-355.
    2. Arman, Michael & Zuo, Jian & Wilson, Lou & Zillante, George & Pullen, Stephen, 2009. "Challenges of responding to sustainability with implications for affordable housing," Ecological Economics, Elsevier, vol. 68(12), pages 3034-3041, October.
    3. Yu, Yun & Lei, Yalin, 2017. "China's provincial exhaustible resources rent and produced capital stock—Based on Hartwick's rule," Resources Policy, Elsevier, vol. 52(C), pages 114-121.
    4. Cairns, Robert D. & Martinet, Vincent, 2021. "Growth and long-run sustainability," Environment and Development Economics, Cambridge University Press, vol. 26(4), pages 381-402, August.
    5. Bazhanov, Andrei V., 2015. "Inefficiency and sustainability," Resources Policy, Elsevier, vol. 45(C), pages 210-216.
    6. Doyen, L. & Martinet, V., 2012. "Maximin, viability and sustainability," Journal of Economic Dynamics and Control, Elsevier, vol. 36(9), pages 1414-1430.
    7. Robert D. Cairns, 2011. "Accounting for Sustainability: A Dissenting Opinion," Sustainability, MDPI, vol. 3(9), pages 1-16, August.
    8. Bazhanov, Andrei V., 2022. "A comment on Hamilton (2016) “Measuring sustainability in the UN System of Environmental-Economic Accounting”," Resources Policy, Elsevier, vol. 76(C).

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