; Hartwick rule ; capital ; sustainable consumption ; fractionalization ; seepage ; insecure property rights ; differential game … with insecure property rights, we analyze how resources are transformed into productive capital to sustain consumption. We … allow property rights to improve as the country transforms natural resources into capital. The ensuing power struggle about …

with insecure property rights, we analyze how resources are transformed into productive capital to sustain consumption. We … allow property rights to improve as the country transforms natural resources into capital. The ensuing power struggle about … result, the country substitutes away from resources to capital too rapidly and invests more than predicted by the Hartwick …

capital good equals the rents on the exhaustible resource (known as Hartwick's rule), then the path is equitable in the sense …