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Category Archives: Macroeconomic Theory
National product, measured net of a deduction for depletion of natural resources, can in certain conditions provide some indication of whether current consumption is sustainable. But the conditions are stringent, and even when they are met, other indicators may perform … Continue reading
I present here a defence of the following proposition: to maintain consumption per person in the long run as non-renewable resources are increasingly depleted, the world needs technical progress so that we can obtain more output from available resources. The … Continue reading