Pricing the Limits to Growth from Minerals Depletion
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.
|Date of creation:||1999|
|Date of revision:|
|Publication status:||Published in Quarterly Journal of Economics -Cambridge Massachusetts-|
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Harvard Institute of Economic Research Working Papers
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125, Massachusetts Institute of Technology (MIT), Department of Economics.
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- William D. Nordhaus, 1995. "How Should We Measure Sustainable Income?," Cowles Foundation Discussion Papers 1101, Cowles Foundation for Research in Economics, Yale University.
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