A Critique of Attempts to Introduce Hotelling's rule in Sraffa's Theory

Yoann Verger ()
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Yoann Verger: REEDS - Centre international de Recherches en Economie écologique, Eco-innovation et ingénierie du Développement Soutenable - UVSQ - Université de Versailles Saint-Quentin-en-Yvelines

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Abstract: This paper argues that the Hotelling's rule on the rise of royalties during the exhaustion of exhaustible natural resources cannot be retained within a Sraffian framework. At first, a critic of the major attempts that were developed in this domain is conducted. Then this paper brings forward the evidence that the value theory is changed by adding the Hotelling's rule and is no longer consistent with Sraffa's thinking. This paper also offers an alternative interpretation in which the rise of the rent on exhaustible natural resources is only dependent on technical requirements.

Keywords: Sraffa; Rent; Royalty; Hotelling’s rule; Exhaustible resource (search for similar items in EconPapers)
Date: 2015-09-04
New Economics Papers: this item is included in nep-hpe and nep-pke
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