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Memorandum, Department of Economics, University of Oslo >
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http://hdl.handle.net/10419/63018
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| Title: | | The Hartwick rule: Myths and facts  |
| Authors: | | Asheim, Geir B. Buchholz, Wolfgang |
| Issue Date: | | 2000 |
| Series/Report no.: | | Memorandum, Department of Economics, University of Oslo 2000,11 |
| Abstract: | | We consider the Hartwick rule for capital accumulation and resource depletion, provide semantic clarifications and investigate whether this rule indicates sustainability and requires substitutability between manmade and natural capital. In addition to shedding light on the meaning of the Hartwick rule by reviewing established results, we establish the following novel finding: The value of net investments being negative does not imply that utility is unsustainable. Throughout we make the assumption of a constant technology, without which the Hartwick rule does not apply. |
| Subjects: | | Hartwick rule natural resources sustainability |
| JEL: | | D9 Q01 Q3 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Memorandum, Department of Economics, University of Oslo
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