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| Author: | Kraev, E. |
| Title: | Stocks, flows and complementarity: formalizing a basic insight of ecological economics |
| Journal: | Ecological Economics
2002 : DEC, VOL. 43:2/3, p. 277-286 |
| Index terms: | ECONOMIC GROWTH CAPITAL PRODUCTION FUNCTIONS ECOLOGY |
| Language: | eng |
| Abstract: | In this paper the authors focus on expressing in mathematical form the following statement of Ecological Economics: A vital role of Nature in production is yielding resource flows that are transformed by the fund of man-made capital. The flow of resources and the fund of man-made capital are fundamentally complements. The authors formulate a simple economic growth model expressing that statement and contrast it with a model that makes production depend on the total fund of natural capital. While both models lead to an a priori limit to total output of man-made capital, their dynamics at the point where the natural resource constraint becomes binding differ greatly. |
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