Several hydrological studies forecast a global problem of water scarcity. This raises the question as to whether increasing water scarcity may impose constraints on the growth of countries. The influence of water utilization on economic growth is depicted through a growth model that includes...

In recent years economists have recognized that, along with physical and human capital, environmental resources should be viewed as important economic assets, which can be called natural capital. However, the services provided by natural capital are unique. They include the use of resources for...