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Title:The Hartwick rule: Myths and facts PDF Logo
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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