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This paper presents a macroeconomic approach to sustainable growth. After clarifying the concept of sustainability, the interdependence between natural resources and accumulated capital stocks such as physical, human, and knowledge capital is discussed. The conditions for the substitution...
Persistent link: https://www.econbiz.de/10009623407
In this paper we discuss the influence of using different production functions on modeling the resource extraction rates and economic growth. The focus is set on the modeling of the production sector, which requires either non-renewable resources, renewable resources or a combination of both...
Persistent link: https://www.econbiz.de/10010402272
In 1968, a paper appeared in the Science journal outlining a macroeconomic concept referring to the problem of common use of environmental resources. Its author, Garret Hardin, stated that the natural human desire to maximise individual economic benefits led to overexploitation of environmental...
Persistent link: https://www.econbiz.de/10014138669
The article explores the implications of natural resource scarcity in terms of global cooperation and trade. We investigate whether there exist stable international long-term agreements that take into account the disparities between countries in terms of geological endowments and productive...
Persistent link: https://www.econbiz.de/10014102430
The instrument of extractive reserves has been advertised as a novel approach to reconciling biodiversity conservation …
Persistent link: https://www.econbiz.de/10014068082
Biodiversity is often adversely affected by human activities. This reduces social welfare but may be external to … private economic decisions. Consequently, these external effects on biodiversity need to be considered explicitly in economic … models, which is only partly reflected in the literature. So far, biodiversity is mostly treated only implicitly in multiple …
Persistent link: https://www.econbiz.de/10010285371
We begin by pointing out that the rise in popular concern about the judicious management of natural and environmental resources has been matched by increasing scholarship by economists on several issues concerning the efficient use and management of these same resources. Second, we note that...
Persistent link: https://www.econbiz.de/10013079990
Biodiversity is often adversely affected by human activities. This reduces social welfare but may be external to … private economic decisions. Consequently, these external effects on biodiversity need to be considered explicitly in economic … models, which is only partly reflected in the literature. So far, biodiversity is mostly treated only implicitly in multiple …
Persistent link: https://www.econbiz.de/10008699606
The theory for a general equilibrium ecosystem model that can include large number of interacting species is presented. Features include: 1) individual plants and animals are assumed to behave as if they are maximizing their net energy intake, 2) short and long-run equilibriums are obtained, 3)...
Persistent link: https://www.econbiz.de/10014123071
Persistent link: https://www.econbiz.de/10011877828