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Ramsey with Environmental Awareness

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Abstract

This paper speculates how Ramsey’s (1928) model of optimal consumption and saving would have been constructed had Sir Frank Ramsey lived in a period of greater awareness of the environmental damaged caused by production processes. The paper extends Ramsey’s model to the case where the instantaneous satisfaction of the representative agent from consumption is spoiled by the degradation of his physical environment and spending on cleaning up and greening operations are therefore engendered.

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File URL: http://www.uow.edu.au/content/groups/public/@web/@commerce/@econ/documents/doc/uow044941.pdf
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Bibliographic Info

Paper provided by School of Economics, University of Wollongong, NSW, Australia in its series Economics Working Papers with number wp08-07.

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Length: 10 pages
Date of creation: 2008
Date of revision:
Handle: RePEc:uow:depec1:wp08-07

Contact details of provider:
Postal: School of Economics, University of Wollongong, Northfields Avenue, Wollongong NSW 2522 Australia
Phone: +612 4221-3659
Fax: +612 4221-3725
Web page: http://business.uow.edu.au/econ/index.html
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Related research

Keywords: Consumption; environmental investment; golden rule;

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  1. Amnon Levy, 2009. "Environmental Health And Choice Of Residence," Australian Economic Papers, Wiley Blackwell, vol. 48(1), pages 50-64, 03.
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