Pricing the Limits to Growth from Minerals Depletion
AbstractThis paper evaluates the loss of global welfare from exhaustion of nonrenewable resources, such as oil. The underlying methodology represents an empirical application of some recent developments in the theory of green accounting and sustainability. The paper estimates that the world loses the equivalent of about 1 percent of final consumption per year from finiteness of the earth's resources, compared with a counterfactual trajectory where global extraction of minerals is allowed to remain forever constant at today's flow rates and extraction costs.
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Bibliographic InfoPaper provided by Harvard University Department of Economics in its series Scholarly Articles with number 3708467.
Date of creation: 1999
Date of revision:
Publication status: Published in Quarterly Journal of Economics -Cambridge Massachusetts-
Other versions of this item:
- Martin L. Weitzman, 1999. "Pricing The Limits To Growth From Minerals Depletion," The Quarterly Journal of Economics, MIT Press, vol. 114(2), pages 691-706, May.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Weitzman, Martin L, 1976.
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- M. L. Weitzman, 1974. "On the Welfare Significance of National Product in Dynamic Economy," Working papers 125, Massachusetts Institute of Technology (MIT), Department of Economics.
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- Weitzman, Martin L. & Lofgren, Karl-Gustaf, 1997.
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Journal of Environmental Economics and Management,
Elsevier, vol. 32(2), pages 139-153, February.
- Martin L. Weitzman & Karl-Gustaf Lofgren, 1996. "On the Welfare Significance of Green Accounting as Taught by Parable," Harvard Institute of Economic Research Working Papers 1755, Harvard - Institute of Economic Research.
- William D. Nordhaus, 1995. "How Should We Measure Sustainable Income?," Cowles Foundation Discussion Papers 1101, Cowles Foundation for Research in Economics, Yale University.
- Stollery, Kenneth R., 1983. "Mineral depletion with cost as the extraction limit: A model applied to the behavior of prices in the nickel industry," Journal of Environmental Economics and Management, Elsevier, vol. 10(2), pages 151-165, June.
- Pindyck, Robert S, 1978. "Gains to Producers from the Cartelization of Exhaustible Resources," The Review of Economics and Statistics, MIT Press, vol. 60(2), pages 238-51, May.
RePEc Biblio mentionsAs found on the RePEc Biblio, the curated bibliography for Economics:CitEc Project, subscribe to its RSS feed for this item.
- Farhad Nili & Gabriel Talmain, . "Rent-seeking, Occupational Choice and Oil Boom," Discussion Papers 01/11, Department of Economics, University of York.
- Harris, Michael & Pearson, Leonie J., 2004. "Using 'Inclusive Wealth' to Measure and Model Sustainable Development in Australia: A working example," 2004 Conference (48th), February 11-13, 2004, Melbourne, Australia 58457, Australian Agricultural and Resource Economics Society.
- M. del Mar Rubio Varas, 2005. "Value and depreciation of mineral resources over the very long run: An empirical contrast of different methods," Economics Working Papers 867, Department of Economics and Business, Universitat Pompeu Fabra.
- Hendrik Van den Berg, 2012. "Explaining neoclassical economists' pro-growth agenda: does the popular Solow growth model bias economic analysis?," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 3(1), pages 40-62.
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