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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: http://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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  1. Neumayer, Eric, 2000. " Scarce or Abundant? The Economics of Natural Resource Availability," Journal of Economic Surveys, Wiley Blackwell, vol. 14(3), pages 307-35, July.
  2. Asheim, Geir B. & Buchholz, Wolfgang & Hartwick, John M. & Mitra, Tapan & Withagen, Cees, 2007. "Constant savings rates and quasi-arithmetic population growth under exhaustible resource constraints," Journal of Environmental Economics and Management, Elsevier, vol. 53(2), pages 213-229, March.
  3. Bazhanov, Andrei V., 2007. "The transition to an oil contraction economy," Ecological Economics, Elsevier, vol. 64(1), pages 186-193, October.
  4. Grimaud, André & Rougé, Luc, 2003. "Polluting Non-Renewable Resources, Innovation and Growth : Welfare and Environmental Policy," IDEI Working Papers 206, Institut d'Économie Industrielle (IDEI), Toulouse.
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  6. John Hartwick, 1976. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," Working Papers 220, Queen's University, Department of Economics.
  7. John C. V. Pezzey, 2001. "Sustainability Policy and Environmental Policy," Economics and Environment Network Working Papers 0104, Australian National University, Economics and Environment Network.
  8. BENCHEKROUN, Hassan & WITHAGEN, Cees, 2008. "Global Dynamics in a Growth Model with an Exhaustible Resource," Cahiers de recherche 11-2008, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
  9. 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.
  10. Selim Elekdag & Ren� Lalonde & Douglas Laxton & Dirk Muir & Paolo Pesenti, 2008. "Oil Price Movements and the Global Economy: A Model-Based Assessment," IMF Staff Papers, Palgrave Macmillan, vol. 55(2), pages 297-311, June.
  11. Bazhanov, Andrei & Vyscrebentsev, Alexei, 2005. "The adequacy of Hubbert’s curves for the forecasting of the rates of oil extraction," MPRA Paper 479, University Library of Munich, Germany.
  12. Mitra, Tapan, 1983. "Limits on Population Growth under Exhaustible Resource Constraints," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 24(1), pages 155-68, February.
  13. Benchekroun, Hassan & Withagen, Cees, 2011. "The optimal depletion of exhaustible resources: A complete characterization," Resource and Energy Economics, Elsevier, vol. 33(3), pages 612-636, September.
  14. Asheim,G.B. & Buchholz,W., 2000. "The Hartwick rule : myths and facts," Memorandum 11/2000, Oslo University, Department of Economics.
  15. Maddison, A., 1991. "A Long Run Perspective on Saving," Papers 443, Groningen State, Institute of Economic Research-.
  16. James A. Brander, 2007. "Viewpoint: Sustainability: Malthus revisited?," Canadian Journal of Economics, Canadian Economics Association, vol. 40(1), pages 1-38, February.
  17. Pezzey, John C V & Withagen, Cees A, 1998. " The Rise, Fall and Sustainability of Capital-Resource Economies," Scandinavian Journal of Economics, Wiley Blackwell, vol. 100(2), pages 513-27, June.
  18. 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.
  19. Solow, Robert M, 1986. " On the Intergenerational Allocation of Natural Resources," Scandinavian Journal of Economics, Wiley Blackwell, vol. 88(1), pages 141-49.
  20. Pearce, David W. & Atkinson, Giles D., 1993. "Capital theory and the measurement of sustainable development: an indicator of "weak" sustainability," Ecological Economics, Elsevier, vol. 8(2), pages 103-108, October.
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  25. 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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  28. repec:cup:cbooks:9780521297615 is not listed on IDEAS
  29. John C. V. Pezzey, 2002. "Exact Measures of Income in a Hyperbolic Economy," Economics and Environment Network Working Papers 0203, Australian National University, Economics and Environment Network.
  30. Dixit, Avinash & Hammond, Peter & Hoel, Michael, 1980. "On Hartwick's Rule for Regular Maximin Paths of Capital Accumulation and Resource Depletion," Review of Economic Studies, Wiley Blackwell, vol. 47(3), pages 551-56, April.
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  33. Davis, Graham A & Cairns, Robert D, 1999. "Valuing Petroleum Reserves Using Current Net Price," Economic Inquiry, Western Economic Association International, vol. 37(2), pages 295-311, April.
  34. Pindyck, Robert S, 1979. "Interfuel Substitution and the Industrial Demand for Energy: An International Comparison," The Review of Economics and Statistics, MIT Press, vol. 61(2), pages 169-79, May.
  35. B. Caillaud & R. Guesnerie & P. Rey & J. Tirole, 1988. "Government Intervention in Production and Incentives Theory: A Review of Recent Contributions," RAND Journal of Economics, The RAND Corporation, vol. 19(1), pages 1-26, Spring.
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  37. Kenneth Arrow & Partha Dasgupta & Karl-Göran Mäler, 2003. "Evaluating Projects and Assessing Sustainable Development in Imperfect Economies," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 26(4), pages 647-685, December.
  38. Proops, John L. R. & Atkinson, Giles & Schlotheim, Burkhard Frhr. v. & Simon, Sandrine, 1999. "International trade and the sustainability footprint: a practical criterion for its assessment," Ecological Economics, Elsevier, vol. 28(1), pages 75-97, January.
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