Extension of the Model to Exhaustible Resources

Thorsten Hens and Sabine Elmiger
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Thorsten Hens: University of Zurich
Sabine Elmiger: University of Zurich

Chapter 7 in Economic Foundations for Finance, 2019, pp 111-132 from Springer

Abstract: Abstract The preceding chapters considered labor and capital as the only factors for production. Labor is a resource that is available in every period and that even increases as the population grows. Physical capital decreases through depreciation, but can be increased endogenously by investing accordingly. However, production often requires also resources that are exhaustible like for example oil, plutonium or land. Some exhaustible resources might not be needed for production in the future due to new ways of producing, but some might remain essential for production.

Date: 2019
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DOI: 10.1007/978-3-030-05427-4_7

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