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Renewable Natural Resources And Endogenous Growth


We study a two-sector endogenous growth model where a single consumption good is obtained using a renewable resource in combination with physical capital. Both inputs are essential for production and technical substitutes. In this context we analyze the issues of sustainability, long-run and short-run growth as well as convergence, associated with the competitive equilibrium solution trajectories. We show that efficiency, long-run growth and sustainability are both compatible in a natural resource based production economy.

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Article provided by Cambridge University Press in its journal Macroeconomic Dynamics.

Volume (Year): 9 (2005)
Issue (Month): 02 (April)
Pages: 170-197

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Handle: RePEc:cup:macdyn:v:9:y:2005:i:02:p:170-197_04
Contact details of provider: Postal: Cambridge University Press, UPH, Shaftesbury Road, Cambridge CB2 8BS UK
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  1. Sachs, Jeffrey D. & Warner, Andrew M., 2001. "The curse of natural resources," European Economic Review, Elsevier, vol. 45(4-6), pages 827-838, May.
  2. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  3. Thorvaldur Gylfason & Gylfi Zoega, 2001. "Natural Resources and Economic Growth: The Role of Investment," EPRU Working Paper Series 01-02, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
  4. Benhabib Jess & Perli Roberto, 1994. "Uniqueness and Indeterminacy: On the Dynamics of Endogenous Growth," Journal of Economic Theory, Elsevier, vol. 63(1), pages 113-142, June.
  5. J. AZNAR-MARQUEZ & J.R. Ruiz-Tamarit, 2002. "Closed-Form Solution for a Two-Sector Endogenous Growth Model with two Controls," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2002030, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  6. repec:cup:macdyn:v:3:y:1999:i:2:p:204-25 is not listed on IDEAS
  7. Gylfason, Thorvaldur, 2001. "Nature, Power, and Growth," Scottish Journal of Political Economy, Scottish Economic Society, vol. 48(5), pages 558-88, November.
  8. Auty, Richard M., 2001. "The political economy of resource-driven growth," European Economic Review, Elsevier, vol. 45(4-6), pages 839-846, May.
  9. Gylfason, Thorvaldur & Herbertsson, Tryggvi Thor & Zoega, Gylfi, 1997. "A Mixed Blessing: Natural Resources and Economic Growth," CEPR Discussion Papers 1668, C.E.P.R. Discussion Papers.
  10. Gylfason, Thorvaldur, 2001. "Natural resources, education, and economic development," European Economic Review, Elsevier, vol. 45(4-6), pages 847-859, May.
  11. Rodriguez, Francisco & Sachs, Jeffrey D, 1999. " Why Do Resource-Abundant Economies Grow More Slowly?," Journal of Economic Growth, Springer, vol. 4(3), pages 277-303, September.
  12. Jeffrey D. Sachs & Andrew M. Warner, 1995. "Natural Resource Abundance and Economic Growth," NBER Working Papers 5398, National Bureau of Economic Research, Inc.
  13. repec:fda:fdaddt:2002-17 is not listed on IDEAS
  14. Gylfason, Thorvaldur & Herbertsson, Tryggvi Thor & Zoega, Gylfi, 1999. "A Mixed Blessing," Macroeconomic Dynamics, Cambridge University Press, vol. 3(02), pages 204-225, June.
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