Indefinitely Sustained Consumption Despite Exhaustible Natural Resources

David Cass and Tapan Mitra

Economic Theory, 1991, vol. 1, issue 2, 119-46

Abstract: This paper analyzes the feasibility of sustaining uniformly positive consumption forever--even when flows of exhaustible resources are an indispensable input. The main result is a characterization of an economy's capability for sustaining such consumption--under quite general maintained assumptions on technology--in terms of a single, simple capital-resource substitution condition.

Date: 1991
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