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Investing exhaustible resource rents and the path of consumption

Author

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  • Kirk Hamilton
  • John Hartwick

Abstract

We set out dollar-valued net national product for an economy with a wasting essential stock (oil deposit). We take up `maintaining capital intact' and locally unchanging consumption. The percentage change in `net investment' or `genuine savings,' relative to the market rate of interest, denotes whether current consumption is rising, constant, or declining.

Suggested Citation

  • Kirk Hamilton & John Hartwick, 2005. "Investing exhaustible resource rents and the path of consumption," Canadian Journal of Economics, Canadian Economics Association, vol. 38(2), pages 615-621, May.
    • Handle: RePEc:cje:issued:v:38:y:2005:i:2:p:615-621
    DOI: 10.1111/j.0008-4085.2005.00295.x
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    More about this item

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy
    • F0 - International Economics - - General

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