Natural Resources, National Accounting and Economic Depreciation

John Hartwick

No 771, Working Paper from Economics Department, Queen's University

Abstract: The current value Hamiltonian in an aggregate optimal growth problem with heterogeneous capital stocks including exhaustible, renewable and environmental stocks is the NNP function. Routine substitutions reveal that the using up of natural resource stocks is representable as an easy-to-interpret economic depreciation magnitudes. We obtain true NNP inclusive of natural resource stock diminution.

Date: 1990-01
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Journal Article: Natural resources, national accounting and economic depreciation (1990)
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