About Economic Droplets
An environmental and natural resource economics blog by Adam Bailey (below). For details and profile see About.
© Adam Bailey and Economic Droplets, 2012-2022.
Tag Archives: 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
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
National product, calculated net of a deduction for depletion of natural resources, could in theory provide some indication of whether current consumption is permanently sustainable. But the conditions that would be needed to make net national product into a practical … 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