Population Growth, Technical Progress, Intergenerational Equity and the Investment of Resource Rents

John Hartwick

Working Paper from Economics Department, Queen's University

Abstract: We establish that if rents from exhaustible resources are invested in reproducible capital and if the population growth rates equal the rate of capital augmenting technical change, then for general neoclassical production functions, per capita consumption remains constant. We establish our new result in one and two sector models. Stability and the role of the elasticity of substitution are investigated in detail in the one sector model.

Pages: 22
Date: 1977
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:qed:wpaper:280

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