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Sustainable growth: The extraction-saving relationship

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  • Bazhanov, Andrei

Abstract

The paper presents two new results for the Dasgupta-Heal-Solow-Stiglitz model with an essential nonrenewable resource: (1) the pattern of resource extraction can be more important for sustainable growth than the pattern of saving when the Hotelling Rule modifier is not small enough; (2) the qualitative behavior of the long-run per capita consumption can be examined along any smooth enough path of extraction using the "sustainability functional" introduced in the paper.

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File URL: http://mpra.ub.uni-muenchen.de/9911/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 9911.

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Date of creation: 08 Aug 2008
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Handle: RePEc:pra:mprapa:9911

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Keywords: sustainable growth; modified Hotelling Rule; sustainability number; Hubbert curve consumption;

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References

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  1. Andreeva, Anastasiya & Bazhanov, Andrei, 2007. "Сценарии Перехода К Устойчивым Темпам Добычи Нефти В России
    [Scenarios of transition to sustainable oil extraction in Russia]
    ," MPRA Paper 5343, University Library of Munich, Germany.
  2. B. Caillaud & R. Guesnerie & P. Rey & J. Tirole, 1988. "Government Intervention in Production and Incentives Theory: A Review of Recent Contributions," RAND Journal of Economics, The RAND Corporation, vol. 19(1), pages 1-26, Spring.
  3. Heal, G., 1990. "The Optimal Use Of Exhaustible Resources," Papers fb-_90-10, Columbia - Graduate School of Business.
  4. Gérard Gaudet, 2007. "Natural resource economics under the rule of Hotelling," Canadian Journal of Economics, Canadian Economics Association, vol. 40(4), pages 1033-1059, November.
  5. Davis, Graham A & Cairns, Robert D, 1999. "Valuing Petroleum Reserves Using Current Net Price," Economic Inquiry, Western Economic Association International, vol. 37(2), pages 295-311, April.
  6. 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, Wiley Blackwell, vol. 47(3), pages 551-56, April.
  7. Bazhanov, Andrei, 2005. "Variation principles for modeling in resource economics," MPRA Paper 1309, University Library of Munich, Germany, revised 08 Aug 2006.
  8. John C. V. Pezzey, 2004. "Sustainability Policy and Environmental Policy," Scandinavian Journal of Economics, Wiley Blackwell, vol. 106(2), pages 339-359, 06.
  9. Hamilton, Kirk & Ruta, Giovanni & Tajibaeva, Liaila, 2005. "Capital accumulation and resources depletion - a Hartwick rule counterfactual," Policy Research Working Paper Series 3480, The World Bank.
  10. Selim Elekdag & Rene Lalonde & Douglas Laxton & Dirk Muir & Paolo Pesenti, 2008. "Oil Price Movements and the Global Economy: A Model-Based Assessment," NBER Working Papers 13792, National Bureau of Economic Research, Inc.
  11. Bazhanov, Andrei & Vyscrebentsev, Alexei, 2005. "The adequacy of Hubbert’s curves for the forecasting of the rates of oil extraction," MPRA Paper 479, University Library of Munich, Germany.
  12. R. M. Solow, 1973. "Intergenerational Equity and Exhaustable Resources," Working papers 103, Massachusetts Institute of Technology (MIT), Department of Economics.
  13. Kenneth Stollery, 1998. "Constant Utility Paths and Irreversible Global Warming," Canadian Journal of Economics, Canadian Economics Association, vol. 31(3), pages 730-742, August.
  14. Grimaud, André & Rougé, Luc, 2003. "Polluting Non-Renewable Resources, Innovation and Growth : Welfare and Environmental Policy," IDEI Working Papers 206, Institut d'Économie Industrielle (IDEI), Toulouse.
  15. Bazhanov, Andrei, 2007. "The peak of oil extraction and consistency of the government's short- and long-run policies," MPRA Paper 2507, University Library of Munich, Germany.
  16. John Hartwick, 1976. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," Working Papers 220, Queen's University, Department of Economics.
  17. Karp, Larry & Livernois, John, 1992. "On efficiency-inducing taxation for a non-renewable resource monopolist," Journal of Public Economics, Elsevier, vol. 49(2), pages 219-239, November.
  18. Bazhanov, Andrei V., 2007. "The transition to an oil contraction economy," Ecological Economics, Elsevier, vol. 64(1), pages 186-193, October.
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Citations

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Cited by:
  1. Andrei V. Bazhanov, 2009. "A constant-utility criterion linked to an imperfect economy affected by irreversible global warming," EERI Research Paper Series EERI_RP_2009_03, Economics and Econometrics Research Institute (EERI), Brussels.
  2. Bazhanov, Andrei & Belyaev, Alexander, 2009. "Адекватность Закрытой Модели Для Российской Экономики В Задаче Сравнительного Анализа Энергетической Стра�," MPRA Paper 15109, University Library of Munich, Germany.
  3. Bazhanov, Andrei, 2010. "Constant-utility paths in a resource-based economy," MPRA Paper 27619, University Library of Munich, Germany, revised 20 Dec 2010.
  4. Bazhanov, Andrei, 2011. "Investment and resource policy under a modified Hotelling rule," MPRA Paper 32428, University Library of Munich, Germany.
  5. Bazhanov, Andrei, 2008. "Maximin-optimal sustainable growth in a resource-based imperfect economy," MPRA Paper 16245, University Library of Munich, Germany, revised 13 Jul 2009.

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