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Usage limitations of the Hotelling Rule in the face of rising oil prices. The need for a new critique

Author

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  • Jimena Segura

    (Universidad de Buenos Aires Facultad de Ciencias Económicas.)

Abstract

The article presents a critical review to the conventional economic theory of non-renewable resources, proving that the concept of scarcity rent that arises from it reflects serious explanatory limitations regarding the relationship between prices and investment in the oil industry. The theoretical and empirical literature is analyzed through the exposition of the modern revisions of the exhaustion theory, and the contrast of the content of the concept of scarcity rent exposed by Lewis Gray -forerunner of Hotelling- against David Ricardo's classical theory of rent.

Suggested Citation

  • Jimena Segura, 2023. "Usage limitations of the Hotelling Rule in the face of rising oil prices. The need for a new critique," Revista de Economía Política de Buenos Aires, Universidad de Buenos Aires. Facultad de Ciencias Económicas., issue 26, pages 9-42, June.
    • Handle: RePEc:ake:repba1:y:2023:i:26:p:9-42
    DOI: 10.56503/repba.Nro.27(17)
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    More about this item

    Keywords

    Non-renewable resources; Oil price; Resources supply; Scarcity rent.;
    All these keywords.

    JEL classification:

    • Q30 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - General
    • Q31 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Demand and Supply; Prices
    • Q39 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Other

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