The Duality of Hotelling Rent and Economic Depreciation, and Growth Accounting with Exhaustible Resources

John M. Hartwick

Working Papers from Queen's University, Department of Economics

Abstract: Along dynamically efficient paths of exhaustible resources extraction Hotelling rent and economic depreciation (with a negative sign) of the stock are equal. We make use of this in analyzing current practices in national income accounting. We indicate that placing Hotelling rent on the income side is not sensible. The negative entry, economic depreciation of the stocks, should be placed on the product side.

Date: 1988

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Persistent link: http://EconPapers.repec.org/RePEc:qed:wpaper:712

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