Characterizing sustainability: the converse of Hartwick's rule
Article Abstract:
Research was conducted to examine a direct and comprehensive proof of the converse of Hartwick's rule in a general setting that does not require any additional assumptions. Harwick's rule states that if the value of net investments in an efficient is zero at each point in time, then utility is constant. It means that consumption remains constant at the maximum sustainable level if the accumulation of man-made capital always exactly compensates in value for the resource depletion.
Publication Name: Journal of Economic Dynamics & Control
Subject: Economics
ISSN: 0165-1889
Year: 1998
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Equilibrium analysis of the infinite horizon model with smooth discounted utility functions
Article Abstract:
An analytical approach applying the Negishi model approximates the equilibrium of infinite-horizon economies with smooth discounted utility. The approximation defines regular equilibria and economies by means of weights. The equilibria of finite-horizon truncated economies has the ability to approximate those of infinite-horizon economies showing smooth discounted utility function.
Publication Name: Journal of Economic Dynamics & Control
Subject: Economics
ISSN: 0165-1889
Year: 1997
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Sustainable growth, renewable resources and pollution
Article Abstract:
This paper uses the approach that solves an optimal growth problem with a zero discount rate, allowing the economy to converge in the long run to a Golden Green Rule configuration. And this is where capital environmental resources with its own regeneration process support the highest utility level, despite a negative externality (pollution) assumed proportional to production.
Publication Name: Journal of Economic Dynamics & Control
Subject: Economics
ISSN: 0165-1889
Year: 2001
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