Golden Rules For Sustainable Resource Management

Lee Endress and James Roumasset

No 199319, Working Papers from University of Hawaii at Manoa, Department of Economics

Abstract: This paper presents a simple model of resource management that combines use of a nonrenewable resource, such as oil, with eventual transition to a backstop substitute resource in infinite supply (e.g., solar energy). In the context of this model, we derive golden rules that govern efficiency in both the accumulation of capital and in the extraction of natural resources for use in production. These results supplement the Solow/Hartwick model of maximum consumption in helping to illuminate the notion of sustainable development.

Pages: 28 pages
Date: 1993
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Citations: View citations in EconPapers (5)

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Journal Article: Golden Rules for Sustainable Resource Management (1994)
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