Investing Returns from Depleting Renewable Resource Stocks and Intergenerational Equity
We demonstrate the following result: if along dynamically efficient development paths, the net current value of the diminution in natural resources stocks, renewable and non-renewable, is invested in reproducible capital, per capita consumption will remain constant over time in a world of unchanging technology and population. This is an extension of an earlier proposition covering only non-renewable or exhaustible resources.
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