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Renewable Natural Resources And Endogenous Growth

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Listed author(s):
  • AZNAR-M RQUEZ, J.
  • RUIZ-TAMARIT, J.R.

Abstract

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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File URL: http://journals.cambridge.org/abstract_S1365100505040149
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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
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Cambridge University Press, UPH, Shaftesbury Road, Cambridge CB2 8BS UK

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Find related papers by JEL classification:
  • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
  • D90 - Microeconomics - - Intertemporal Choice - - - General
  • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
  • Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General

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  1. Gylfason, Thorvaldur, 2001. "Nature, Power, and Growth," Scottish Journal of Political Economy, Scottish Economic Society, vol. 48(5), pages 558-588, November.
  2. 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).
  3. Thorvaldur Gylfason & Gylfi Zoega, 2006. "Natural Resources and Economic Growth: The Role of Investment," The World Economy, Wiley Blackwell, vol. 29(8), pages 1091-1115, 08.
  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. Auty, Richard M., 2001. "The political economy of resource-driven growth," European Economic Review, Elsevier, vol. 45(4-6), pages 839-846, May.
  6. Jeffrey D. Sachs & Andrew M. Warner, 1995. "Natural Resource Abundance and Economic Growth," NBER Working Papers 5398, National Bureau of Economic Research, Inc.
  7. 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.
  8. Gylfason, Thorvaldur, 2001. "Natural resources, education, and economic development," European Economic Review, Elsevier, vol. 45(4-6), pages 847-859, May.
  9. José Ramón Ruiz-Tamarit, "undated". "Multiplicity, Overtaking and Convergence in the Lucas Two-Sector Growth Model," Working Papers 2002-17, FEDEA.
  10. Gylfason, Thorvaldur & Herbertsson, Tryggvi Thor & Zoega, Gylfi, 1999. "A Mixed Blessing," Macroeconomic Dynamics, Cambridge University Press, vol. 3(02), pages 204-225, June.
  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. repec:cup:macdyn:v:3:y:1999:i:2:p:204-25 is not listed on IDEAS
  13. Sachs, Jeffrey D. & Warner, Andrew M., 2001. "The curse of natural resources," European Economic Review, Elsevier, vol. 45(4-6), pages 827-838, May.
  14. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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Cited by:

  1. de Freitas, Maurício Assuero Lima & Stamford da Silva, Alexandre, 2013. "The influence of the healthcare system on optimal economic growth," Economic Modelling, Elsevier, vol. 35(C), pages 734-742.
  2. José Ramón Ruiz Tamarit & Manuel Sánchez Moreno, 2006. "Optimal Regulation And Growth In A Natural-Resource-Based Economy," Working Papers. Serie AD 2006-21, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  3. Raul Barreto, 2013. "Fossil Fuels, Alternative Energy and Economic Growth," School of Economics Working Papers 2014-03, University of Adelaide, School of Economics.
  4. Wang, Yi-Chia & Chuang, Yih-Chyi, 2011. "Environmental resilience and economic growth: Command economy's optimization and environmental Kuznets curve," Economic Modelling, Elsevier, vol. 28(6), pages 2854-2861.
  5. Lucas Bretschger & Simone Valente, 2016. "Productivity Gaps and Tax Policies Under Asymmetric Trade," CER-ETH Economics working paper series 16/239, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
  6. 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).
  7. Voosholz, Frauke, 2014. "A survey on modeling economic growth. With special interest on natural resource use," CAWM Discussion Papers 69, Center of Applied Economic Research Münster (CAWM), University of Münster.

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