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Constant per capita consumption paths with exhaustible resources and decaying produced capital |
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| Authors: | Alexei F. Cheviakov John Hartwick |
| Affiliation: | aDepartment of Mathematics and Statistics, University of Saskatchewan, Saskatoon, Saskatchewan, Canada S7N 5E6;bDepartment of Economics, Queen's University, Kingston, Ontario Canada K7L 4L8 |
| Abstract: | We introduce decay in produced capital and exogenous technical progress to the recent “Solow Model” of Asheim et al. with population growth and observe the possible collapse of the economy given too high a rate of decay. “Enough” technical progress can restore sustainable per capita consumption. |
| Keywords: | Exhaustible resource Intertemporal equity Population increase Technical progress and radio-active decay in produced capital |
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