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| Author: | Faber, M. Proops, J. L. R. |
| Title: | Natural Resource Rents, Economic Dynamics and Structural change: a capital theoretic approach |
| Journal: | Ecological Economics
1993 : No. 8 p. 17-44 |
| Index terms: | NATURAL RESOURCES CAPITAL THEORY RENTS SAVINGS RATE OF RETURN |
| Language: | eng |
| Abstract: | This paper concerns the effects of natural resource rents on the dynamics and structural change of an economy which is accumulating capital. The concept of rent is developed and the determinants of natural resource rents in the real world are discussed. A neo-Austrian capital theoretic model is developed. This is presented in input-output form, and the corresponding prices for the model are derived so that a consistent set of national accounts for the model can be found. Natural resource use is introduced into the model with natural resource rents forming a further element of valued-added. The model is then further generalised with the dynamics of capital accumulation being determined through a savings function which itself varies with the rate of return on capital. |
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