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I. The Economics of Durable Exhaustible Resources - II. Mining Gold for the Currency and Optimal Real Balances

Author

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  • John M. Hartwick

Abstract

We contrast the supply condition governing the rate of extraction of durable exhaustible resources such as gold with rates of extraction of non-durable exhaustible resources such as oil. In two simple general equilibrium models, Hotelling's rule governs supply for non-durable resources, but a distinct asset equilibrium condition governs the supply of durable exhaustible resources.

Suggested Citation

  • John M. Hartwick, 1989. "I. The Economics of Durable Exhaustible Resources - II. Mining Gold for the Currency and Optimal Real Balances," Working Paper 757, Economics Department, Queen's University.
    • Handle: RePEc:qed:wpaper:757
    as

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