Effects of exhaustible resources and declining population on economic growth with Hotelling’s rule

Hiroaki Sasaki and Kazuo Mino

International Review of Economics & Finance, 2024, vol. 94, issue C

Abstract: This study investigates the impact of population decline on the long-term economic growth in an economy with exhaustible resources. Analyzing a growth model that incorporates exhaustible resources and Hotelling’s rule, we obtain two main results. First, the economy converges to a steady state, irrespective of whether the population growth rate is positive or negative. Second, despite population decline, the long-run growth rate of per capita output can be positive if the population growth rate is less than a certain negative threshold value.

Keywords: Exhaustible resource; Population decline; Endogenous growth; Hotelling’s rule (search for similar items in EconPapers)
JEL-codes: O13 O44 Q32 Q43 (search for similar items in EconPapers)
Date: 2024
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Working Paper: Effects of Exhaustible Resources and Declining Population on Economic Growth with Hotelling's Rule (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:94:y:2024:i:c:s1059056024003873

DOI: 10.1016/j.iref.2024.103395

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