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 …

; 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 …

physical and natural capital. Since these two types of capital are used jointly in the industry's production process, the firms … face a dual investment decision, whereby they have to decide on the investment into both types of capital simultaneously … then shown that the form of capital aggregation in national accounting can lead to an underestimation of the effect of …

-run growth equilibrium if the initial endowment with resources and capital is too low. …