Intergenerational Equity and the Investing of Rents from Exhaustible Resources
In an aggregate model where the single output is produced from the services of reproducible capital, the flows of minerals extracted from a resource stock of finite dimension, and labour, it is shown that among efficient paths, the one with current savings-investment equal to current rents from mineral usage has constant per capita consumption over time.
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Volume (Year): 67 (1977)
Issue (Month): 5 (December)
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