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Pricing the Limits to Growth from Minerals Depletion

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  • Weitzman, Martin L.

Abstract

This paper evaluates the loss of global welfare from exhaustion of nonrenewable resources, such as oil. The underlying methodology represents an empirical application of some recent developments in the theory of green accounting and sustainability. The paper estimates that the world loses the equivalent of about 1 percent of final consumption per year from finiteness of the earth's resources, compared with a counterfactual trajectory where global extraction of minerals is allowed to remain forever constant at today's flow rates and extraction costs.

Suggested Citation

  • Weitzman, Martin L., 1999. "Pricing the Limits to Growth from Minerals Depletion," Scholarly Articles 3708467, Harvard University Department of Economics.
  • Handle: RePEc:hrv:faseco:3708467
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    File URL: http://dash.harvard.edu/bitstream/handle/1/3708467/Weitzman_PricingLimits.pdf
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    References listed on IDEAS

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    1. Stollery, Kenneth R., 1983. "Mineral depletion with cost as the extraction limit: A model applied to the behavior of prices in the nickel industry," Journal of Environmental Economics and Management, Elsevier, vol. 10(2), pages 151-165, June.
    2. Weitzman, Martin L. & Lofgren, Karl-Gustaf, 1997. "On the Welfare Significance of Green Accounting as Taught by Parable," Journal of Environmental Economics and Management, Elsevier, vol. 32(2), pages 139-153, February.
    3. Martin L. Weitzman, 1976. "On the Welfare Significance of National Product in a Dynamic Economy," The Quarterly Journal of Economics, Oxford University Press, vol. 90(1), pages 156-162.
    4. Pindyck, Robert S., 1987. "On monopoly power in extractive resource markets," Journal of Environmental Economics and Management, Elsevier, vol. 14(2), pages 128-142, June.
    5. William D. Nordhaus, 1995. "How Should We Measure Sustainable Income?," Cowles Foundation Discussion Papers 1101, Cowles Foundation for Research in Economics, Yale University.
    6. Pindyck, Robert S, 1978. "Gains to Producers from the Cartelization of Exhaustible Resources," The Review of Economics and Statistics, MIT Press, vol. 60(2), pages 238-251, May.
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    Cited by:

    1. Tsur, Yacov & Zemel, Amos, 2005. "Scarcity, growth and R&D," Journal of Environmental Economics and Management, Elsevier, vol. 49(3), pages 484-499, May.
    2. Rubio, M. del Mar, 2004. "The capital gains from trade are not enough: evidence from the environmental accounts of Venezuela and Mexico," Journal of Environmental Economics and Management, Elsevier, vol. 48(3), pages 1175-1191, November.
    3. Matthias Blum & Cristián Ducoing & Eoin McLaughlin, 2016. "Genuine Savings in developing and developed countries, 1900-2000," Discussion Papers in Environment and Development Economics 2016-15, University of St. Andrews, School of Geography and Sustainable Development.
    4. Mideksa, Torben K., 2013. "The economic impact of natural resources," Journal of Environmental Economics and Management, Elsevier, vol. 65(2), pages 277-289.
    5. Asheim, Geir B. & Hartwick, John M., 2011. "Anomalies in green national accounting," Ecological Economics, Elsevier, vol. 70(12), pages 2303-2307.
    6. Harris, Michael & Pearson, Leonie J., 2004. "Using 'Inclusive Wealth' to Measure and Model Sustainable Development in Australia: A working example," 2004 Conference (48th), February 11-13, 2004, Melbourne, Australia 58457, Australian Agricultural and Resource Economics Society.
    7. Ayres, Robert U., 2008. "Sustainability economics: Where do we stand?," Ecological Economics, Elsevier, vol. 67(2), pages 281-310, September.
    8. M. del Mar Rubio Varas, 2005. "Value and depreciation of mineral resources over the very long run: An empirical contrast of different methods," Economics Working Papers 867, Department of Economics and Business, Universitat Pompeu Fabra.
    9. Farhad Nili & Gabriel Talmain, "undated". "Rent-seeking, Occupational Choice and Oil Boom," Discussion Papers 01/11, Department of Economics, University of York.
    10. Simon, György, 2001. "Növekedési mechanizmus - növekedési modell
      [Growth mechanism - growth model]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(3), pages 185-202.
    11. Hendrik Van den Berg, 2012. "Explaining neoclassical economists' pro-growth agenda: does the popular Solow growth model bias economic analysis?," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 3(1), pages 40-62.
    12. Garmendia, E. & Prellezo, R. & Murillas, A. & Escapa, M. & Gallastegui, M., 2010. "Weak and strong sustainability assessment in fisheries," Ecological Economics, Elsevier, vol. 70(1), pages 96-106, November.

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