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Investing Returns from Depleting Renewable Resource Stocks and Intergenerational Equity

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  • John M. Hartwick

Abstract

We demonstrate the following result: if along dynamically efficient development paths, the net current value of the diminution in natural resources stocks, renewable and non-renewable, is invested in reproducible capital, per capita consumption will remain constant over time in a world of unchanging technology and population. This is an extension of an earlier proposition covering only non-renewable or exhaustible resources.

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Bibliographic Info

Paper provided by Queen's University, Department of Economics in its series Working Papers with number 294.

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Length: 9
Date of creation: 1978
Date of revision:
Handle: RePEc:qed:wpaper:294

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Cited by:
  1. Young, Ralph, 1992. "Evaluating Long-Lived Projects: The Issue Of Inter-Generational Equity," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 36(03), December.
  2. Withagen, C. A. A. M., 1996. "Sustainability and investment rules," Economics Letters, Elsevier, vol. 53(1), pages 1-6, October.
  3. repec:dgr:uvatin:2098103 is not listed on IDEAS
  4. Andre, Francisco J. & Cerda, Emilio, 2005. "On natural resource substitution," Resources Policy, Elsevier, vol. 30(4), pages 233-246, December.
  5. Jeroen C.J.M. van den Bergh & Marjan W. Hofkes, 1997. "A Survey of Economic Modelling of Sustainable Development," Tinbergen Institute Discussion Papers 97-107/3, Tinbergen Institute.
  6. James A. Roumasset & Lee Endress, 1996. "The Yin and yang of Sustainable Development: A Case for Win-Win Environmentalism," Working Papers 199604, University of Hawaii at Manoa, Department of Economics.
  7. Francisco J. André & Emilio Cerdá, 2001. "A Generalized Production Set. The Production and Recycling Function," Economic Working Papers at Centro de Estudios Andaluces E2001/07, Centro de Estudios Andaluces.
  8. Toman, Michael & Pezzey, John C., 2002. "The Economics of Sustainability: A Review of Journal Articles," Discussion Papers dp-02-03, Resources For the Future.
  9. Hediger, Werner, 2010. "Welfare and capital-theoretic foundations of corporate social responsibility and corporate sustainability," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(4), pages 518-526, August.
  10. Emilio Cerdá & Francisco J. André, 2001. "Optimal Substitution Of Renewable And Nonrenewable Natural Resources In Production," Working Papers. Serie AD 2001-14, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  11. repec:dgr:uvatin:2097107 is not listed on IDEAS
  12. Robert U. Ayres & Jeroen C.J.M. van den Bergh & John M. Gowdy, 1998. "Viewpoint: Weak versus Strong Sustainability," Tinbergen Institute Discussion Papers 98-103/3, Tinbergen Institute.
  13. Pezzey, John C.V., 2001. "Optimality, Hartwick’s Rule, and Instruments of Sustainability Policy and Environmental Policy," 2001 Conference (45th), January 23-25, 2001, Adelaide 125833, Australian Agricultural and Resource Economics Society.
  14. Edna Tusak Loehman, 2014. "Social Investment for Sustainability of Groundwater: A Revealed Preference Approach," Sustainability, MDPI, Open Access Journal, vol. 6(9), pages 5598-5638, August.
  15. Stern, David I., 1995. "The contribution of the mining sector to sustainability in developing countries," Ecological Economics, Elsevier, vol. 13(1), pages 53-63, April.
  16. Jeroen C.J.M. van den Bergh & Marjan W. Hofkes, 1997. "A Survey of Economic Modelling of Sustainable Development," Tinbergen Institute Discussion Papers 97-107/3, Tinbergen Institute.
  17. Hediger, Werner, 2003. "Sustainable farm income in the presence of soil erosion: an agricultural Hartwick rule," Ecological Economics, Elsevier, vol. 45(2), pages 221-236, June.
  18. Withagen, C.A.A.M., 1996. "A note on sustainability and investment rules," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3107029, Tilburg University.
  19. Robert U. Ayres & Jeroen C.J.M. van den Bergh & John M. Gowdy, 1998. "Viewpoint: Weak versus Strong Sustainability," Tinbergen Institute Discussion Papers 98-103/3, Tinbergen Institute.

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