Sustainable per capita consumption under population growth |
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Institution: | 1. Department of Economics, University of Oslo, P.O. Box 1095 Blindern, 0317 Oslo, Norway;2. Department of Economics, Queen’s University, Kingston, Ontario K7L 3N6, Canada;3. National Institute for Environmental Studies (NIES), 16-2 Onogawa, Tsukuba 305-8506, Japan |
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Abstract: | We establish two investment rules for maximal constant per capita consumption under exogenous population growth, one in terms of total capital stocks and the other in terms of per capita capital stocks. Both rules show the importance of the development of future population growth. The investment rules are illustrated in the one-sector model of capital accumulation, the DHSS model of capital accumulation and resource depletion, and the Stollery–d’Autume–Schubert model in which natural capital provides amenities. Application to recent empirical evidence indicates that actual genuine savings might be insufficient to sustain per capita consumption, when future population growth is combined with a large per capita consumption-wage gap. |
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Keywords: | Sustainable development Population growth Intergenerational equity |
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