From time zero to infinity: transitional and long-run dynamics in capital?resource economies

Lucas Bretschger and Karen Pittel

Environment and Development Economics, 2008, vol. 13, issue 06, pages 673-689

Abstract: It is now generally agreed that the prediction of long-run development has to include natural resource use. To focus on the long run is, however, not equivalent to the use of balanced growth assumptions. It should be kept in mind that reaching a long-run equilibrium might take considerable time. Transition phases often exhibit characteristics which differ from the long-run state of the economy, but are important for its nature.

Date: 2008

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