Increasing returns,exhaustible resources,and optimal growth |
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Authors: | John M Hartwick |
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Institution: | Queen''s University,Kingston, Ont., Canada |
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Abstract: | It is shown that in an optimal growth model having inputs of flows from an exhaustible resource and services of reproducible capital, constant returns to scale is boundary separating paths of non-steady state development from those of steady development including asymptotic steady state growth. The absence of growth in output was observed by Dagsupta and Heal, and Solow for the case of non-increasing returns to scale. |
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