×

zbMATH — the first resource for mathematics

The green golden rule. (English) Zbl 0900.90122
Summary: We introduce a growth model with environmental assets as a source of utility and an input to consumption and production. In this model we develop the Green Golden Rule, a generalization of the golden rule of neoclassical growth theory. We apply this to the case where the object is the maximization of long-run or limiting utility rather than long-run consumption.

MSC:
91B62 Economic growth models
91B76 Environmental economics (natural resource models, harvesting, pollution, etc.)
PDF BibTeX XML Cite
Full Text: DOI
References:
[1] Beltratti, A.; Chichilnisky, G.; Heal, G., The environment and the long run: A comparison of different criteria, Ricerche economiche, 48, 319-340, (1994) · Zbl 0826.90019
[2] Brock, W., (), 441-461
[3] Chichilnisky, G., Economic development and efficiency criteria in the satisfaction of basic needs, Applied mathematical modeling, 1, (1977) · Zbl 0377.90016
[4] Chichilnisky, G., What is sustainable development?, ()
[5] Cline, W.R., The economics of global warming, (1992), Institute for International Economics Washington DC
[6] Dasgupta, P.S.; Heal, G.M., The optimal depletion of exhaustible resources, (), 3-28
[7] Dutta, P., What do discounted optima converge to? A theory of discount rate asymptotics in economic models, Journal of economic theory, 55, no. 1, 64-94, (1991) · Zbl 0743.90024
[8] Heal, G.M., Depletion and discounting: A classical issue in the economics of exhaustible resources, (), 33-43
[9] Heal, G.M., (), 855-879
[10] Herrera, A.O.; Scolnik, H.D.; Chichilnisky, G., Catastrophe or new society, (1976), International Development Research Centre Ottawa, Canada
[11] Phelps, E.S., The Golden rule of accumulation: A fable for growthmen, American economic review, 51, 638-643, (1961)
[12] Ramsey, F., A mathematical theory of saving, Economic journal, 38, 543-559, (1928)
[13] Solow, R.M., Intergenerational equity and exhaustible resources, (), 29-45 · Zbl 0304.90019
[14] World Commission on Environment and Development, Our common future (the brundtland report), (1987), Oxford University Press Oxford
This reference list is based on information provided by the publisher or from digital mathematics libraries. Its items are heuristically matched to zbMATH identifiers and may contain data conversion errors. It attempts to reflect the references listed in the original paper as accurately as possible without claiming the completeness or perfect precision of the matching.