Optimal Environmental Protection and Environmental Kuznets Curve
This paper explores the link between an environmental policy and economic growth employing an extension of the Neoclassical Growth Model. We include a state equation to renewable natural resources, and consider natural resources as a component of the aggregate productivity. It is assumed that the change of the environmental regulations induces costs and that economic agents also derive some utility from stock capital accumulation via-a-vis environment. Using the Hopf bifurcation theorem, it can be shown that cyclical environmental policy strategies are optimal, providing a theoretical support to the Environmental Kuznets Curve
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- Hazilla, Michael & Kopp, Raymond J, 1990. "Social Cost of Environmental Quality Regulations: A General Equilibrium Analysis," Journal of Political Economy, University of Chicago Press, vol. 98(4), pages 853-873, August.
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- Gene M. Grossman & Alan B. Krueger, 1995.
"Economic Growth and the Environment,"
The Quarterly Journal of Economics,
Oxford University Press, vol. 110(2), pages 353-377.
- Gene M. Grossman & Alan B. Krueger, 1994. "Economic Growth and the Environment," NBER Working Papers 4634, National Bureau of Economic Research, Inc.
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- Stokey, Nancy L, 1998. "Are There Limits to Growth?," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(1), pages 1-31, February.
- Grossman, Gene M. & Krueger, Alan B., 1996. "The inverted-U: what does it mean?," Environment and Development Economics, Cambridge University Press, vol. 1(01), pages 119-122, February.
- Wirl, Franz, 2000. "Optimal accumulation of pollution: Existence of limit cycles for the social optimum and the competitive equilibrium," Journal of Economic Dynamics and Control, Elsevier, vol. 24(2), pages 297-306, February.
- Serafy, Salah El & Goodland, Robert, 1996. "The importance of accurately measuring growth," Environment and Development Economics, Cambridge University Press, vol. 1(01), pages 116-119, February. Full references (including those not matched with items on IDEAS)
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