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Abrupt Damages and Sustainability

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  • Can Askan Mavi

Abstract

In this paper, I show that the amount of the environmental damage due to abrupt events can be important for the sustainability of an economy. When the economy faces endogenous limit cycles or unstable behavior for a large parameter region for environmental damage, the Sustainable Development criterion, implying a non-decreasing path for utility is compromised. In addition, total factor productivity improvements are shown to help an economy respecting the Sustainable Development Criterion by avoiding limit cycles and unstable behavior in the long run. Classification JEL?: O13, D81, Q2, Q54

Suggested Citation

  • Can Askan Mavi, 2019. "Abrupt Damages and Sustainability," Revue d'├ęconomie politique, Dalloz, vol. 129(5), pages 861-875.
  • Handle: RePEc:cai:repdal:redp_295_0861
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    Keywords

    Abrupt damage; Occurrence Hazard; Limit Cycles; Hopf Bifurcation; TFP Growth;

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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