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From time zero to infinity: Transitional and long-run dynamics in capital-resource economies

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  • Bretschger, Lucas
  • Pittel, Karen

Abstract

It is now generally agreed that the prediction of long-run development has to include natural resource use. To focus on the long run is, however, not equivalent to the use of balanced growth assumptions. It should be kept in mind that reaching a long-run equilibrium might take considerable time. Transition phases often exhibit characteristics which differ from the long-run state of the economy, but are important for its nature. We discuss a number of different drivers that govern the transition to the steady state, including the development of stocks, substitution possibilities, savings decisions, and institutions. Based on this theoretical evaluation, we discuss five contributions of the conference on sustainable resource use and economic dynamics (SURED 2006) included in this special issue.

Suggested Citation

  • Bretschger, Lucas & Pittel, Karen, 2008. "From time zero to infinity: Transitional and long-run dynamics in capital-resource economies," Munich Reprints in Economics 20224, University of Munich, Department of Economics.
    • Handle: RePEc:lmu:muenar:20224
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    Cited by:

    1. Derissen, Sandra & Quaas, Martin F. & Baumgärtner, Stefan, 2011. "The relationship between resilience and sustainability of ecological-economic systems," Ecological Economics, Elsevier, vol. 70(6), pages 1121-1128, April.
    2. Takuro Uehara & Yoko Nagase & Wayne Wakeland, 2016. "Integrating Economics and System Dynamics Approaches for Modelling an Ecological–Economic System," Systems Research and Behavioral Science, Wiley Blackwell, vol. 33(4), pages 515-531, July.
    3. Meran, Georg, 2023. "Is green growth possible and even desirable in a spaceship economy?," Ecological Economics, Elsevier, vol. 213(C).
    4. Jean-Paul Chavas & Salvatore Falco, 2017. "Resilience, Weather and Dynamic Adjustments in Agroecosystems: The Case of Wheat Yield in England," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 67(2), pages 297-320, June.

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