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Extension of the Model to Exhaustible Resources

In: Economic Foundations for Finance

Author

Listed:
  • Thorsten Hens

    (University of Zurich)

  • Sabine Elmiger

    (University of Zurich)

Abstract

The preceding chapters considered labor and capital as the only factors for production. Labor is a resource that is available in every period and that even increases as the population grows. Physical capital decreases through depreciation, but can be increased endogenously by investing accordingly. However, production often requires also resources that are exhaustible like for example oil, plutonium or land. Some exhaustible resources might not be needed for production in the future due to new ways of producing, but some might remain essential for production.

Suggested Citation

  • Thorsten Hens & Sabine Elmiger, 2019. "Extension of the Model to Exhaustible Resources," Springer Texts in Business and Economics, in: Economic Foundations for Finance, chapter 7, pages 111-132, Springer.
    • Handle: RePEc:spr:sptchp:978-3-030-05427-4_7
    DOI: 10.1007/978-3-030-05427-4_7
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