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The Transition from Exhaustible to Renewable or Inexhaustible Resources

In: Economic Growth and Resources

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  • Tjalling C. Koopmans

    (Yale University)

Abstract

Allow me to begin with some simple and rather obvious remarks on the nature of the transition problem from exhaustible to renewable or inexhaustible resource use. First, a shift in resource use means also a shift in technology, because in this age resources go together with technologies that process them and put them to use. Secondly, while I have used the word ‘exhaustible’, the term ‘depletion’ is a more suitable word, in that it suggests a more gradual process. The later stages of depletion will then whenever possible call forth a substitute resource that allows society to meet the same or a similar need to that met by the resource being depleted. Finally, I will follow the model of price as a regulator that will touch off the substitution, smoothly if the degree and rate of depletion are foreseen sufficiently in advance.

Suggested Citation

  • Tjalling C. Koopmans, 1980. "The Transition from Exhaustible to Renewable or Inexhaustible Resources," International Economic Association Series, in: Christopher Bliss & M. Boserup (ed.), Economic Growth and Resources, chapter 1, pages 3-11, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-16328-1_1
    DOI: 10.1007/978-1-349-16328-1_1
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    References listed on IDEAS

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    1. Alan S. Manne, 1974. "Waiting for the Breeder," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 41(5), pages 47-65.
    2. William D. Nordhaus, 1973. "The Allocation of Energy Resources," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 4(3), pages 529-576.
    3. Heal, Geoffrey M., 1993. "The optimal use of exhaustible resources," Handbook of Natural Resource and Energy Economics, in: A. V. Kneese† & J. L. Sweeney (ed.), Handbook of Natural Resource and Energy Economics, edition 1, volume 3, chapter 18, pages 855-880, Elsevier.
    4. Harold Hotelling, 1931. "The Economics of Exhaustible Resources," Journal of Political Economy, University of Chicago Press, vol. 39, pages 137-137.
    5. Partha Dasgupta & Geoffrey Heal, 1974. "The Optimal Depletion of Exhaustible Resources," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 41(5), pages 3-28.
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    Cited by:

    1. Willi Semmler & Malte Sieveking, 1994. "On the optimal exploitation of interacting resources," Journal of Economics, Springer, vol. 59(1), pages 23-49, February.

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