We study the consequences of a working time reduction (WTR hereafter) in a growth model with efficiency wages and an essential natural resource (natural capital). Considering that technical progress cannot reduce the resource content of final production to zero, we show that the effects of a WTR...

The Kyoto Protocol has introduced the so-called Clean Development Mechanism (CDM) under which industrialized countries are allowed to fulfill part of their obligations through the use of emission credits generated by emission reduction projects undertaken in developing countries. Developing...