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Sustainable growth in a resource-based economy: the extraction-saving relationship

Bazhanov, Andrei (2008): Sustainable growth in a resource-based economy: the extraction-saving relationship.

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Abstract

The paper presents two new results for the Dasgupta-Heal-Solow-Stiglitz model with an essential nonrenewable resource:

(1) the pattern of resource extraction can be more important for sustainable growth than the pattern of saving when the Hotelling rule modifier is not small enough;

(2) the qualitative behavior of the long-run per capita output can be examined along any smooth enough path of extraction for any variable saving rate using the "index of sustainable extraction" introduced in the paper.

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