Indefinitely Sustained Consumption Despite Exhaustible Natural Resources
This paper analyzes the feasibility of sustaining uniformly positive consumption forever--even when flows of exhaustible resources are an indispensable input. The main result is a characterization of an economy's capability for sustaining such consumption--under quite general maintained assumptions on technology--in terms of a single, simple capital-resource substitution condition.
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Volume (Year): 1 (1991)
Issue (Month): 2 (April)
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