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Author: | Agnani, B. GutiƩrrez, M. J. Iza, A. |
Title: | Growth in overlapping generation economies with non-renewable resources |
Journal: | Journal of Environmental Economics and Management
2005 : SEP, VOL. 50:2, p. 387-407 |
Index terms: | non-renewable resources overlapping-generations models |
Language: | eng |
Abstract: | This paper analyses the feasibility of the positive balanced-growth path in overlapping generation (OLG) economies that use exhaustible resources as essential inputs in the production process. Studied model is Diamond with non-renewable resources and exogenous technological progress. The major result is that the labour share has to be high enough for there to be a positive steady-state growth rate. Findings also show that the unique competitive balanced growth path is optimal in the Pareto sense. |
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