Tag Archives: Hartwick rule

An Inconvenient Truth about the Hartwick Rule

Posted on May 20, 2021 by Adam Bailey

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 →

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Constant Consumption with Resource Depletion

Posted on December 14, 2016 by Adam Bailey

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 →

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