Golden Rules for Sustainable Resource Management
This paper presents a simple model of resource management that combines use of a nonrenewable resource, such as oil, with eventual transition to a backstop substitute resource in infinite supply (e.g., solar energy). In the context of this model, the authors derive golden rules that govern efficiency in both the accumulation of capital and in the extraction of natural resources for use in production. These results supplement the Solow-Hartwick model of maximin consumption in helping to illuminate the notion of sustainable development. Copyright 1994 by The Economic Society of Australia.
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Volume (Year): 70 (1994)
Issue (Month): 210 (September)
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