Tag Archives: non-renewable resource

The Maximum Duration of Constant Consumption

Posted on June 28, 2021 by Adam Bailey

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 →

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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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