Natural resources dynamics: Exhaustible and renewable resources,and the rate of technical substitution |
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Authors: | Giuseppe Di Vita |
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Institution: | University of Catania, via Gallo no. 24, 95124 Catania, Italy |
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Abstract: | In this paper we study both exhaustible and renewable resources in an endogenous growth model. In particular, we consider the hypotheses in which the rate of technical substitution (RTS) between those two inputs is or is not equal to one. Moreover, we depart from a basic theoretical framework to account for the negative externality constituted by waste accumulation. Finally, a comparative analysis is made between Pigouvian tax and waste recycling, as an environmental policy to correct market failure represented by refuse accumulation. |
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Keywords: | Q32 O11 |
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