Investing exhaustible resource rents and the path of consumption
We set out dollar-valued net national product for an economy with a wasting essential stock (oil deposit). We take up `maintaining capital intact' and locally unchanging consumption. The percentage change in `net investment' or `genuine savings,' relative to the market rate of interest, denotes whether current consumption is rising, constant, or declining.
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Volume (Year): 38 (2005)
Issue (Month): 2 (May)
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