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Sustainable growth: The extraction-saving relationship

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Bazhanov, Andrei

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

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Find related papers by JEL classification:
Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
O38 - Economic Development, Technological Change, and Growth - - Technological Change - - - Government Policy
O13 - Economic Development, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products

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References listed on IDEAS
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.:
  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. [Downloadable!]
  2. 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. [Downloadable!]
    Other versions:
  3. Bazhanov, Andrei, 2005. "Variation principles for modeling in resource economics," MPRA Paper 1309, University Library of Munich, Germany, revised 08 Aug 2006. [Downloadable!]
  4. Kenneth Stollery, 1998. "Constant Utility Paths and Irreversible Global Warming," Canadian Journal of Economics, Canadian Economics Association, vol. 31(3), pages 730-742, August. [Downloadable!] (restricted)
  5. Hartwick, John M, 1977. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," American Economic Review, American Economic Association, vol. 67(5), pages 972-74, December. [Downloadable!] (restricted)
    Other versions:
  6. Elekdag, Selim & Lalonde, Rene & Laxton, Doug & Muir, Dirk & Pesenti, Paolo, 2008. "Oil Price Movements and the Global Economy: A Model-Based Assessment," CEPR Discussion Papers 6700, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  7. 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.
    Other versions:
  8. Bazhanov, Andrei V., 2007. "The transition to an oil contraction economy," Ecological Economics, Elsevier, vol. 64(1), pages 186-193, October. [Downloadable!] (restricted)
  9. R. M. Solow, 1973. "Intergenerational Equity and Exhaustable Resources," Working papers 103, Massachusetts Institute of Technology (MIT), Department of Economics.
  10. Bazhanov, Andrei & Vyscrebentsev, Alexei, 2005. "Адекватность Кривых Хабберта Для Прогнозирования Темпов Добычи Нефти
    [The adequacy of Hubbert’s curves for the forecasting of the rate    ," MPRA Paper 479, University Library of Munich, Germany. [Downloadable!]
  11. 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. [Downloadable!] (restricted)
  12. 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. [Downloadable!] (restricted)
  13. Davis, Graham A & Cairns, Robert D, 1999. "Valuing Petroleum Reserves Using Current Net Price," Economic Inquiry, Oxford University Press, vol. 37(2), pages 295-311, April.
  14. 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, Blackwell Publishing, vol. 47(3), pages 551-56, April. [Downloadable!] (restricted)
  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. [Downloadable!]
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