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Sraffa and the Revenue of the Owner of Non-Renewable Natural Resources: A Note on the Literature

In: A Reflection on Sraffa’s Revolution in Economic Theory

Author

Listed:
  • Yoann Verger

    (UMR ECOSYS, INRA, AgroParisTech, Université Paris-Saclay)

Abstract

A rich literature exists about the way to handle non-renewable natural resources in the context of classical theory. This article sums up the different approaches that we could consider when we calculate the revenue of the owner of a non-renewable natural resource in a Sraffian framework. It clarifies the concepts of differential rent, depreciation of wasting assets, Hotelling rent, and rent as a share of the product, and links this last concept with some empirical facts about non-renewable natural resource extraction industries.

Suggested Citation

  • Yoann Verger, 2021. "Sraffa and the Revenue of the Owner of Non-Renewable Natural Resources: A Note on the Literature," Palgrave Studies in the History of Economic Thought, in: Ajit Sinha (ed.), A Reflection on Sraffa’s Revolution in Economic Theory, chapter 0, pages 537-559, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-030-47206-1_17
    DOI: 10.1007/978-3-030-47206-1_17
    as

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    More about this item

    Keywords

    Sraffa; Non-renewable natural resource; Rent; Hotelling; Extractive industry;
    All these keywords.

    JEL classification:

    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • Q31 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Demand and Supply; Prices

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