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Renewable Resources And Sustainable Development

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Author Info
Simone Valente

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Abstract

Conflicts between efficiency and sustainability are typical in the literature on sustainable development. Using a ’capital-resource’ model of optimal growth, Pezzey and Withagen (1998) have proved that if natural capital is exhaustible, consumption falls in the long run. This paper presents a model with resource renewability, capital depreciation, population growth and technical progress. The main result is that non-declining consumption paths are feasible only if the social discount rate does not exceed the sum of the rates of resource regeneration and augmentation, net of population growth. Capital depreciation is neutral with respect to the feasibility of sustainable paths. JEL classification: Q01, O11 - Keywords: Renewable Resources, Sustainable Development, Optimal Growth

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Paper provided by Tor Vergata University, CEIS in its series Departmental Working Papers with number 175.

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Date of creation: Jul 2002
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Handle: RePEc:rtv:ceiswp:175

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  1. Pezzey, John C V & Withagen, Cees A, 1998. " The Rise, Fall and Sustainability of Capital-Resource Economies," Scandinavian Journal of Economics, Blackwell Publishing, vol. 100(2), pages 513-27, June. [Downloadable!] (restricted)
  2. R. M. Solow, 1973. "Intergenerational Equity and Exhaustable Resources," Working papers 103, Massachusetts Institute of Technology (MIT), Department of Economics.
  3. Marini Giancarlo & Scaramozzino Pasquale, 1995. "Overlapping Generations and Environmental Control," Journal of Environmental Economics and Management, Elsevier, vol. 29(1), pages 64-77, July. [Downloadable!] (restricted)
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