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Green accounting theories have shown that negative genuine savings at some point in time imply unsustainability. Consequently, recent studies advocate the use of the genuine savings measure for empirical testing: a negative index implies sustainability be rejected. This criterion is not...
Persistent link: https://www.econbiz.de/10011753103
We analyze a multi-sector growth model with directed technical change where man-made capital and exhaustible resources are essen- tial for production. The relative profitability of factor-specific inno- vations endogenously determines whether technical progress will be capital- or...
Persistent link: https://www.econbiz.de/10011753115
This paper analyzes overlapping-generations models where natural capital is owned by selfish agents. Transfers in favor of young agents reduce the rate of depletion and increase output growth. It is shown that intergenerational transfers may be preferred to laissez-faire by an indefinite...
Persistent link: https://www.econbiz.de/10011753120
The theory of welfare accounting shows that comprehensive measures of net investment can be used to test whether an economy is following unsustainable paths of consumption. However, the notion of net investment used in most applied studies rules out technological progress and terms-of-trade...
Persistent link: https://www.econbiz.de/10011753208
Persistent link: https://www.econbiz.de/10003774841
This paper analyzes overlapping-generations models where natural capital is owned by selfish agents. Transfers in favor of young agents reduce the rate of depletion and increase output growth. It is shown that intergenerational transfers may be preferred to laissez-faire by an indefinite...
Persistent link: https://www.econbiz.de/10003459197
Persistent link: https://www.econbiz.de/10009154422
Persistent link: https://www.econbiz.de/10009759291
The theory of welfare accounting shows that comprehensive measures of net investment can be used to test whether an economy is following unsustainable paths of consumption. However, the notion of net investment used in most applied studies rules out technological progress and terms-of-trade...
Persistent link: https://www.econbiz.de/10009236274
Persistent link: https://www.econbiz.de/10011474030