Endogenous Growth and Property Rights Over Renewable Resources
AbstractWe analyze the general-equilibrium e§ects of alternative regimes of access rights over renewable natural resources ñnamely, open access versus full property rights ñon the pace of development when economic growth is endogenously driven by both horizontal and vertical innovations. Resource exhaustion may occur under both regimes but is more likely to arise under open access. Under full property rights, positive resource rents increase expenditures and temporarily accelerate productivity growth, but also yield a higher resource price at least in the short-to-medium run. We characterize analytically the welfare e§ect of a regime switch induced by a failure in property rights enforcement, switching to open access is welfare reducing if the utility gain generated by the initial drop in the resource price is more than o§set by the static and dynamic losses induced by reduced expenditure
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Bibliographic InfoPaper provided by Department of Economics, Norwegian University of Science and Technology in its series Working Paper Series with number 14413.
Length: 40 pages
Date of creation: 16 May 2013
Date of revision:
Endogenous growth; Innovation; Renewable Resources; Sustainable Development; Property Rights;
Other versions of this item:
- Nujin Suphaphiphat & Pietro F. Peretto & Simone Valente, 2013. "Endogenous Growth and Property Rights over Renewable Resources," Working Papers 13-11, Duke University, Department of Economics.
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
- O31 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
- Q21 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Demand and Supply; Prices
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