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Hotelling, Rawls, Solow: How Exhaustible Resources Came to Be Integrated into the Neoclassical Growth Model

Guido Erreygers ()

History of Political Economy, 2009, vol. 41, issue 5, 263-281

Abstract: Exhaustible resources were integrated into the neoclassical growth model in the early 1970s. This happened partly as a reaction to various reports focusing on the limits to growth. At a deeper level, the debate on Rawls's theory of justice in an intergenerational context and Hotelling's economics of exhaustible resources were crucial inputs. This paper concentrates on Solow's contribution to the integration. It also traces its influence on the economics profession, focusing on the Hartwick rule and the way in which economists think about sustainability.

Keywords: neoclassical; growth; model (search for similar items in EconPapers)
Date: 2009
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Handle: RePEc:hop:hopeec:v:41:y:2009:i:5:p:263-281