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Invariance in growth theory and sustainable development

Author

Listed:
  • Vincent Martinet

    (ECO-PUB - Economie Publique - INRA - Institut National de la Recherche Agronomique - AgroParisTech, EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

  • Gilles Rotillon

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper analyzes the general concept of sustainability from a different point of view than that generally found in the literature. If sustainability is defined as the requirement to keep something constant or at least non-decreasing throughout time, the choice of the thing to be preserved is controversial. Neo-classical models mainly assume that sustainability requires that consumption or a utility level has to be preserved. In this article, the authors object to this a priori conception of sustainability and define all the quantities that can be preserved in neo-classical optimal growth models. They thus wonder if invariant quantities can be found along the optimal paths defined by a classical representation of an economy with an exhaustible resource. They use the Noether theorem to determine the conservation laws of dynamic systems and examine under which conditions there is such invariance and how it could be interpreted as a sustainability indicator. They emphasize the limits of the economic growth theory for coping with the sustainability issue.

Suggested Citation

  • Vincent Martinet & Gilles Rotillon, 2007. "Invariance in growth theory and sustainable development," Post-Print hal-01186926, HAL.
    • Handle: RePEc:hal:journl:hal-01186926
    DOI: 10.1016/j.jedc.2006.10.001
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    Cited by:

    1. Feng Dai & Songtao Wu & Ling Liang, 2014. "Capital and innovation aggregation with environmental pressure: An optimal evolution," Cogent Economics & Finance, Taylor & Francis Journals, vol. 2(1), pages 1-16, December.
    2. Arbex, Marcelo & Perobelli, Fernando S., 2010. "Solow meets Leontief: Economic growth and energy consumption," Energy Economics, Elsevier, vol. 32(1), pages 43-53, January.
    3. Asheim, Geir B. & Hartwick, John M. & Mitra, Tapan, 2021. "Investment rules and time invariance under population growth," Journal of Economic Dynamics and Control, Elsevier, vol. 123(C).
    4. Cairns, Robert D., 2008. "Value and income," Ecological Economics, Elsevier, vol. 66(2-3), pages 417-424, June.
    5. Radja, Katia & Schembri, Patrick & Bazin, Damien, 2016. "Quels enjeux de soutenabilité pour l’agriculture indienne ?," Économie rurale, French Society of Rural Economics (SFER Société Française d'Economie Rurale), vol. 352(March-Apr).
    6. Cairns, Robert D. & Martinet, Vincent, 2021. "Growth and long-run sustainability," Environment and Development Economics, Cambridge University Press, vol. 26(4), pages 381-402, August.

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