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Constant Consumption Paths in Open Eocnomies with Exhaustible Resources

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  • Hartwick, John M

Abstract

We examine the effects of international trade on the paths of investment which maintain consumption constant over time in each country, each of which produces an essential exhaustible resource such as oil. For countries identical except for the sizes of their oil stocks, the investing of own oil rents in machine capital will not result in constant consumption in each country. Adjusted rent-investment strategies are developed which do yield constant consumption in each country. We also report results on the link in each country between its consumption levels and aggregate current wealth. Copyright 1995 by Blackwell Publishing Ltd.

Suggested Citation

  • Hartwick, John M, 1995. "Constant Consumption Paths in Open Eocnomies with Exhaustible Resources," Review of International Economics, Wiley Blackwell, vol. 3(3), pages 275-283, October.
  • Handle: RePEc:bla:reviec:v:3:y:1995:i:3:p:275-83
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    Cited by:

    1. Louis Dupuy & Matthew Agarwala, 2014. "International trade and sustainable development," Chapters,in: Handbook of Sustainable Development, chapter 25, pages 399-417 Edward Elgar Publishing.
    2. Nick Hanley & Louis Dupuy & Eoin McLaughlin, 2015. "Genuine Savings And Sustainability," Journal of Economic Surveys, Wiley Blackwell, vol. 29(4), pages 779-806, September.
    3. Vincent, Jeffrey R. & Panayotou, Theodore & Hartwick, John M., 1997. "Resource Depletion and Sustainability in Small Open Economies," Journal of Environmental Economics and Management, Elsevier, vol. 33(3), pages 274-286, July.
    4. Argentino Pessoa & Mário Rui Silva, 2009. "Environment Based Innovation: Policy Questions," FEP Working Papers 308, Universidade do Porto, Faculdade de Economia do Porto.
    5. Stern, David I., 2010. "The Role of Energy in Economic Growth," Working Papers 249380, Australian National University, Centre for Climate Economics & Policy.
    6. repec:eee:jrpoli:v:52:y:2017:i:c:p:114-121 is not listed on IDEAS
    7. David I. Stern & Cutler J. Cleveland, 2004. "Energy and Economic Growth," Rensselaer Working Papers in Economics 0410, Rensselaer Polytechnic Institute, Department of Economics.
    8. Kirk Hamilton & John Hartwick, 2008. "Oil Stock Discovery and Dutch Disease," Working Papers 1163, Queen's University, Department of Economics.
    9. Barbier,Edward B., 2007. "Natural Resources and Economic Development," Cambridge Books, Cambridge University Press, number 9780521706513, May.
    10. Weitzman, Martin L. & Lofgren, Karl-Gustaf, 1997. "On the Welfare Significance of Green Accounting as Taught by Parable," Journal of Environmental Economics and Management, Elsevier, vol. 32(2), pages 139-153, February.
    11. Weitzman, Martin L., 1998. "On the welfare significance of national product under interest-rate uncertainty," European Economic Review, Elsevier, vol. 42(8), pages 1581-1594, September.
    12. Louis Dupuy, 2012. "International Trade and Sustainability : A survey," Working Papers hal-00701426, HAL.
    13. van der Ploeg, Frederick, 2010. "Why do many resource-rich countries have negative genuine saving?: Anticipation of better times or rapacious rent seeking," Resource and Energy Economics, Elsevier, vol. 32(1), pages 28-44, January.
    14. Adrian Boos, 2015. "Genuine Savings as an Indicator for “Weak” Sustainability: Critical Survey and Possible Ways forward in Practical Measuring," Sustainability, MDPI, Open Access Journal, vol. 7(4), pages 1-37, April.
    15. Beatrix Gaitan & Terry Roe, 2012. "International Trade, Exhaustible-Resource Abundance and Economic Growth," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 15(1), pages 72-93, January.
    16. Eric Neumayer, 2000. "Resource Accounting in Measures of Unsustainability: Challenging the World Bank's Conclusions," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 15(3), pages 257-278, March.
    17. Taoyuan Wei, 2012. "Capital Gains and Income Arising from Nonrenewable Resources," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 52(2), pages 293-300, June.

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