Endogenous growth and property rights over renewable resources

Nujin Suphaphiphat, Pietro Peretto and Simone Valente

European Economic Review, 2015, vol. 76, issue C, 125-151

Abstract: We study how different regimes of access rights to renewable natural resources – namely open access versus full property rights – affect sustainability, growth and welfare in the context of modern endogenous growth theory. Resource exhaustion may occur under both regimes but is more likely to arise under open access. Moreover, under full property rights, positive resource rents increase expenditures on manufacturing goods and temporarily accelerate productivity growth, but also yield a higher resource price at least in the short-to-medium run. We characterize analytically and quantitatively the model׳s dynamics to assess the welfare implications of differences in property rights enforcement.

Keywords: Endogenous growth; Innovation; Renewable resources; Sustainable development; Property rights (search for similar items in EconPapers)
JEL-codes: O11 O31 Q21 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (5)

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Related works:
Working Paper: Endogenous Growth and Property Rights over Renewable Resources (2013)
Working Paper: Endogenous Growth and Property Rights Over Renewable Resources (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:eecrev:v:76:y:2015:i:c:p:125-151

DOI: 10.1016/j.euroecorev.2015.02.003

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