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On competitive equitable paths under exhaustible resource constraints: The case of a growing population

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  • Tapan Mitra

Abstract

The paper examines the nature of competitive paths in an exhaustible resource model, which allows for a growing population. For competitive paths that are equitable in the sense that the per capita consumption level is constant over time, the implicit investment rule is derived. This is seen to be a generalization of Hartwick's rule, obtained in the case of a stationary population. It is also shown that the existence of a competitive equitable path implies that a population can experience at most quasi‐arithmetic growth.

Suggested Citation

  • Tapan Mitra, 2008. "On competitive equitable paths under exhaustible resource constraints: The case of a growing population," International Journal of Economic Theory, The International Society for Economic Theory, vol. 4(1), pages 53-76, March.
    • Handle: RePEc:bla:ijethy:v:4:y:2008:i:1:p:53-76
    DOI: 10.1111/j.1742-7363.2007.00068.x
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    Cited by:

    1. Cheviakov, Alexei F. & Hartwick, John, 2009. "Constant per capita consumption paths with exhaustible resources and decaying produced capital," Ecological Economics, Elsevier, vol. 68(12), pages 2969-2973, October.

    More about this item

    JEL classification:

    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development

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