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Sustainable Growth with Environmental Spillovers: A Ramsey-Koopmans Approach

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  • Lee H. Endress

    (Department of Economics, University of Hawaii at Manoa)

  • James A. Roumasset

    (Department of Economics, University of Hawaii at Manoa)

  • Ting Zhou

Abstract

In this paper, we apply the canonical approach of Ramsey, Koopmans, and Diamond to the problem of optimal and intertemporally-equitable growth with a non-renewable resource constraint and show that the solution is sustainable. The model is extended to cases involving environmental amenities and disamenities and renewable resources. The solutions equivalently solve the problem of maximizing net national product adjusted for depreciation in natural capital and environmental effects, which turns out to be both sustainable and constant even without technical change.

Suggested Citation

  • Lee H. Endress & James A. Roumasset & Ting Zhou, 2002. "Sustainable Growth with Environmental Spillovers: A Ramsey-Koopmans Approach," Working Papers 200204, University of Hawaii at Manoa, Department of Economics.
    • Handle: RePEc:hai:wpaper:200204
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    File URL: http://www.economics.hawaii.edu/research/workingpapers/WP_02-4.pdf
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