Originally published in 1979. For decades conservationists have argued that increasing population will eventually out-strip the limited natural resources of the earth. Economists have responded by saying that any resource scarcity will be forestalled by changes in tastes and technology, induced by the appropriate price signals. This study is an attempt to develop a theoretical framework for analysing some of the issues related to this debate. Using an optimal growth theory framework, the author analyses the problem of optimally allocating a finite stock of the resource over time. In the process the author points out the crucial parameters and value judgments relevant to the various issues. This title will be of interest to students of environmental economics.
1. Introduction and Overview 2. Model Description and Optimality Conditions 3. Optimal Growth Paths for Cobb-Douglas Technologies 4. Optimal Growth Paths Under Max-Min Welfare Functional 5. Conclusions
The volumes in this set, originally published between 1972 and 2000, draw together research by leading academics in the area of environmental and natural resource economics, and provides a rigorous examination of related key issues. The volumes examine pollution control and policy, and renewable and non-renewable resource economics, whilst also exploring the general principles and practices of environmental economics in various countries. This set will be of particular interest to students of economics and geography.