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Ramsey with Environmental Awareness

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Abstract

This paper speculates how Ramsey’s (1928) model of optimal consumption and saving would have been constructed had Sir Frank Ramsey lived in a period of greater awareness of the environmental damaged caused by production processes. The paper extends Ramsey’s model to the case where the instantaneous satisfaction of the representative agent from consumption is spoiled by the degradation of his physical environment and spending on cleaning up and greening operations are therefore engendered.

Suggested Citation

  • Levy, Amnon, 2008. "Ramsey with Environmental Awareness," Economics Working Papers wp08-07, School of Economics, University of Wollongong, NSW, Australia.
  • Handle: RePEc:uow:depec1:wp08-07
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    File URL: http://www.uow.edu.au/content/groups/public/@web/@commerce/@econ/documents/doc/uow044941.pdf
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    as
    1. Amnon Levy, 2009. "Environmental Health And Choice Of Residence," Australian Economic Papers, Wiley Blackwell, vol. 48(1), pages 50-64, March.
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    More about this item

    Keywords

    Consumption; environmental investment; golden rule;

    JEL classification:

    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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