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-|
|Contact details of provider:|| Postal: Littauer Center, Cambridge, MA 02138|
Web page: http://www.economics.harvard.edu/
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- 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.
- Martin L. Weitzman & Karl-Gustaf Lofgren, 1996. "On the Welfare Significance of Green Accounting as Taught by Parable," Harvard Institute of Economic Research Working Papers 1755, Harvard - Institute of Economic Research.
- 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.
- M. L. Weitzman, 1974. "On the Welfare Significance of National Product in Dynamic Economy," Working papers 125, Massachusetts Institute of Technology (MIT), Department of Economics.
- William D. Nordhaus, 1995. "How Should We Measure Sustainable Income?," Cowles Foundation Discussion Papers 1101, Cowles Foundation for Research in Economics, Yale University.
- 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 238-51, May.
- 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.
- 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.
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