Integrated economy of humans and biological resources: A general equilibrium approach
This paper develops a model of economic growth where a natural resource is an important part of the economy. In the environment of labor and capital markets and an open access resource stock the general equilibrium approach allows for the endogenous prices and consumption, as well as labor allocation between employment and harvest of the resource for own consumption. Equilibrium for the model is defined and characterized. The analysis of steady state and approach dynamics show that if an economy has a high capital stock and high employment then it can converge to a steady state without depleting an open access resource stock. However, if an economy has low capital stock and low employment then it can deplete its resource stock.
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