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Hartwick's rule and economic conservation laws

Authors
Journal
Journal of Economic Dynamics and Control
0165-1889
Publisher
Elsevier
Publication Date
Volume
26
Issue
3
Identifiers
DOI: 10.1016/s0165-1889(00)00055-5
Keywords
  • Economic Conservation Laws
  • Investment Rules For Intergenerational Equity
  • Optimal Capital Accumulation With Exhaustible Resource Extraction

Abstract

Abstract This paper examines two policy rules for intergenerational equity in a model of optimal capital accumulation and resource extraction. First, we introduce Hartwick's rule (1977. American Economic Review 66, 972–974) for a constant consumption path and also consider relationships between Hartwick's rule and conservation laws. Second, by using conservation laws, we investigate another rule for a constant utility. This paper also attempts to derive the investment rule for Benthamite utility maximization.

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