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Sustainable growth in a resource-based economy: the extraction-saving relationship

  • Bazhanov, Andrei

The paper presents two new results for the Dasgupta-Heal-Solow-Stiglitz model with an essential nonrenewable resource: (1) the pattern of resource extraction can be more important for sustainable growth than the pattern of saving when the Hotelling Rule modifier is not small enough; (2) the qualitative behavior of the long-run per capita output can be examined along any smooth enough path of extraction for any variable saving rate using the "index of sustainable extraction" introduced in the paper.

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File URL: https://mpra.ub.uni-muenchen.de/23299/2/MPRA_paper_23299.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 12350.

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Date of creation: 03 Dec 2008
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Handle: RePEc:pra:mprapa:12350
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  25. Bazhanov, Andrei, 2007. "The peak of oil extraction and consistency of the government's short- and long-run policies," MPRA Paper 2507, University Library of Munich, Germany.
  26. Karp, Larry & Livernois, John, 1992. "On efficiency-inducing taxation for a non-renewable resource monopolist," Journal of Public Economics, Elsevier, vol. 49(2), pages 219-239, November.
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  33. Bazhanov, Andrei, 2005. "Variation principles for modeling in resource economics," MPRA Paper 1309, University Library of Munich, Germany, revised 08 Aug 2006.
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