Sustainable Development, Renewable Resources and Technological Progress

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Sustainable Development, Renewable Resources and Technological Progress

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Simone Valente ()

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Simone Valente

Abstract

Conflicts between optimality and sustainability are typical in the literature on sustainable development. Using the “capital-resource” growth model, Pezzey and Withagen (1998, Scandinavian Journal of Economics 100 (2), 513–527) have proved that if natural resources are exhaustible, the time-path of consumption is single-peaked, declining from some point in time onwards. This paper extends the model to include technical progress, resource renewability, extraction costs and population growth. The main result is that, for any constant returns to scale technology, optimal paths can be sustainable only if the social discount rate does not exceed the sum of the rates of resource regeneration and augmentation. The development of resource-saving techniques is crucial for sustaining consumption per capita in the long run, whereas capital depreciation and extraction costs are neutral with respect to this sustainability condition. Copyright Springer 2005

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Article provided by European Association of Environmental and Resource Economists in its journal Environmental & Resource Economics.

Volume (Year): 30 (2005)
Issue (Month): 1 (January)
Pages: 115-125
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Handle: RePEc:kap:enreec:v:30:y:2005:i:1:p:115-125

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Paper
- Simone Valente, 2004. "Sustainable Development: Renewable Resources and Technological Progress," CEIS Research Paper 54, Tor Vergata University, CEIS. [Downloadable!]

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Mourmouras, Alex, 1993. "Conservationist government policies and intergenerational equity in an overlapping generations model with renewable resources," Journal of Public Economics, Elsevier, vol. 51(2), pages 249-268, June. [Downloadable!] (restricted)
Chichilnisky, Graciela & Beltratti, Andrea & Heal, Geoffrey, 1998. "Sustainable use of renewable resources, Chapter 2.1," MPRA Paper 8815, University Library of Munich, Germany. [Downloadable!]
R. M. Solow, 1973. "Intergenerational Equity and Exhaustable Resources," Working papers 103, Massachusetts Institute of Technology (MIT), Department of Economics.
Heal, G.M., 1995. "Interpreting Sustainability," Papers 95-24, Columbia - Graduate School of Business.
Jeffrey A. Krautkraemer & JRaymond G. Batina, 1999. "On Sustainability and Intergenerational Transfers with a Renewable Resource," Land Economics, University of Wisconsin Press, vol. 75(2), pages 167-184. [Downloadable!] (restricted)

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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Ulla Lehmijoki, 2004. "On the Beach? Sustainability, Optimal Pollution, and Optimal Population," DEGIT Conference Papers c009_039, DEGIT, Dynamics, Economic Growth, and International Trade. [Downloadable!]
Simone Valente, 2005. "Intergenerational Transfers, Lifetime Welfare and Resource Preservation," Public Economics 0505008, EconWPA. [Downloadable!]
Other versions:
- Valente Simone, 2005. "Intergenerational Transfers, Lifetime Welfare and Resource Preservation," Departmental Working Papers 214, Tor Vergata University, CEIS. [Downloadable!]
- Valente, Simone, 2006. "Intergenerational Transfers, Lifetime Welfare and Resource Preservation," MPRA Paper 1042, University Library of Munich, Germany. [Downloadable!]
- Simone Valente, 2006. "Intergenerational Transfers, Lifetime Welfare and Resource Preservation," Economics working paper series 06/55, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich. [Downloadable!]
- Valente, Simone, 2008. "Intergenerational transfers, lifetime welfare, and resource preservation," Environment and Development Economics, Cambridge University Press, vol. 13(01), pages 53-78, February. [Downloadable!]

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