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On the sustainable program in Solow's model

Author

Listed:
  • Withagen, Cees

    (Dept. of Economics,Tilburg University and Dept. of Econ., Free University,The Netherlands)

  • Asheim, Geir B.

    (Dept. of Economics, University of Oslo)

  • Buchholz, Wolfgang

    (Dept. of Economics, University of Regensburg, Germany)

Abstract

We show that our general result (Withagen and Asheim [8]) on the converse of Hartwick’s rule also applies for the special case of Solow’s model with one capital good and one exhaustible resource. Hence, the criticism by Cairns and Yang [1] of our paper is unfounded.

Suggested Citation

  • Withagen, Cees & Asheim, Geir B. & Buchholz, Wolfgang, 2003. "On the sustainable program in Solow's model," Memorandum 33/2002, Oslo University, Department of Economics.
    • Handle: RePEc:hhs:osloec:2002_033
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    File URL: http://www.sv.uio.no/econ/english/research/unpublished-works/working-papers/pdf-files/2002/Memo-33-2002.pdf
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    References listed on IDEAS

    as
    1. Avinash Dixit & Peter Hammond & Michael Hoel, 1980. "On Hartwick's Rule for Regular Maximin Paths of Capital Accumulation and Resource Depletion," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 47(3), pages 551-556.
    2. Withagen, Cees & B. Asheim, Geir, 1998. "Characterizing sustainability: The converse of Hartwick's rule," Journal of Economic Dynamics and Control, Elsevier, vol. 23(1), pages 159-165, September.
    3. R. M. Solow, 1974. "Intergenerational Equity and Exhaustible Resources," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 41(5), pages 29-45.
    4. Mitra, Tapan, 1978. "Efficient growth with exhaustible resources in a neoclassical model," Journal of Economic Theory, Elsevier, vol. 17(1), pages 114-129, February.
    5. Dasgupta, Swapan & Mitra, Tapan, 1983. "Intergenerational Equity and Efficient Allocation of Exhaustible Resources," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 24(1), pages 133-153, February.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. d'Autume, Antoine & Schubert, Katheline, 2008. "Hartwick's rule and maximin paths when the exhaustible resource has an amenity value," Journal of Environmental Economics and Management, Elsevier, vol. 56(3), pages 260-274, November.
    2. Asheim, Geir B. & Buchholz, Wolfgang & Hartwick, John M. & Mitra, Tapan & Withagen, Cees, 2007. "Constant savings rates and quasi-arithmetic population growth under exhaustible resource constraints," Journal of Environmental Economics and Management, Elsevier, vol. 53(2), pages 213-229, March.
    3. Christine Carmody, 2012. "Considering future generations - sustainability in theory and practice," Economic Roundup, The Treasury, Australian Government, issue 3, pages 65-91, October.

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    More about this item

    Keywords

    Sustainabiliy; maximin path; Harwick’s rule;
    All these keywords.

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development

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