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An environmental and natural resource economics blog by Adam Bailey (below). For details and profile see About.
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© Adam Bailey and Economic Droplets, 2012-2026.
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Category Archives: Sustainability
Five Concepts of Net National Product
National accounts can be adjusted to reflect depletion of natural capital. There are various ways to do it, none simple. Gross National Product (GNP), as is very well known, has many limitations as an economic measure. One is implicit in … Continue reading
The Maximum Duration of Constant Consumption
At what rate should an essential non-renewable resource be depleted to sustain an economy for as long as possible? Suppose the inputs of a closed economy consist of produced capital, a non-renewable resource and labour . Output is of a … Continue reading
An Inconvenient Truth about the Hartwick Rule
The relevance to the Hartwick Rule of depreciation of produced capital is not widely understood. Suppose the inputs of a closed economy consist of produced capital K, a non-renewable resource R and labour L. It produces a single good which … Continue reading
A Difficulty in Assessing Sustainability
Long-term forecasting of the aggregate production function is essential for assessing sustainability, but very difficult. Is our current living standard sustainable? Or does depletion of non-renewable natural resources such as fossil fuels and metal ores mean that it must eventually … Continue reading
