I. The Economics of Durable Exhaustible Resources - II. Mining Gold for the Currency and Optimal Real Balances

John M. Hartwick

Working Papers from Queen's University, Department of Economics

Abstract: We contrast the supply condition governing the rate of extraction of durable exhaustible resources such as gold with rates of extraction of non-durable exhaustible resources such as oil. In two simple general equilibrium models, Hotelling's rule governs supply for non-durable resources, but a distinct asset equilibrium condition governs the supply of durable exhaustible resources.

Keywords: natural resources; resources exploitation; economic growth; economic models (search for similar items in EconPapers)
Date: 1989

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Persistent link: http://EconPapers.repec.org/RePEc:qed:wpaper:757

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