The long run dynamics of economic growth with environmental catastrophe
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Alex Coram: University of Western Australia
UMASS Amherst Economics Working Papers from University of Massachusetts Amherst, Department of Economics
The purpose of this paper is to consider the dynamics of growth in a two state variable and two control variable model where the environment is taken as a constraint. This captures some elements of environmental problems not covered in the cost approach. It also captures the idea that the environment may be an absolute barrier or have a catastrophe boundary. It show that, even though the environment is not a cost, it may be optimal to cut growth before the barrier is reached. It also shows that the technology of production has a strong non-linear affect on maximum attainable output.
JEL-codes: O4 Q54 Q58 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-env and nep-gro
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Persistent link: https://EconPapers.repec.org/RePEc:ums:papers:2018-20
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