What if an unsustainable economy decides to switch in finite time to a sustainable path of a nonrenewable resource extraction which is optimal with respect to some criterion? We consider this problem on the example of the Dasgupta-Heal-Solow-Stiglitz model (DHSS) using constant consumption over...

There is a large body of research devoted to our understanding of sustainable growth in resource based economies. Some of this research is inapplicable to the real economy. This is a result of inconsistency between the commonly used criteria and the initial state of the real economy. The...

I offer an approach linking a welfare criterion to the "sustainable development potential" of the economy. This implies a dependence of a criterion on the information about the current state. I consider the problem for the Dasgupta-Heal-Solow-Stiglitz model with externalities. The economy-linked...

This paper analyzes a social planner's solution in a resource-based economy under a constant-utility criterion. The utility function includes social progress in a multiplicative form. The resulting paths of consumption include the patterns of growth that are conventionally used in the...

Stollery (1998) studied a polluting oil extracting economy governed by the constant utility criterion. The pollution caused the growth of temperature, negatively affecting production and utility. Stollery provided a closed form solution for the case with the Cobb-Douglas production function and...

I offer an approach linking a welfare criterion to the opportunities for sustainable development in an imperfect economy. The approach implies a dependence of the criterion on the economy's current state. The economy-linked criterion is constructed using an example with the maximin principle...

A normative analysis of the problem of optimal extraction of a non-renewable resource is considered. The economy depends on the essential non-renewable resource and the rate of the resource extraction increases over time. At some instant the government gradually switches to a sustainable (in...

“Being rich in energy resources – a blessing or a curse” finds that an energy resource curse plagues many EU supplier states. This in turn directly affects Europe’s energy supply security and threatens to engulf Europe in unwanted hostilities at home and abroad. The study addresses seven...

The rates of oil depletion are increasing during the last ten years in Russia and the Russian Energy Program, approved by the government, implies further growth of oil production by 2020. We used the transition curves analysis in aggregate model to examine the long-run consumption along...

he paper analyzes the deforestation problem and its Sustainable Local Development (SLD) impact, during 1998-2005 periods. A stochastic frontier production function is defined for panel data of farm-specific variables. The inefficiency effects are assumed to be independently distributed as...