Economic theory of natural resources

Natural Resources and Economic Growth: Some Theory and Evidence

We develop a one-sector endogenous growth model in which renewable natural resources are both a factor of production and measure of environmental quality. Along the balanced growth path, sustained economic growth and a non-deteriorating environment are shown to coexist. Moreover, steady-state economic growth and natural-resource utilization are positively related. Empirically, a cross-country g...

Natural Resources and Economic Growth

This paper develops a one-sector endogenous growth model in which renewable natural resources are postulated as both a factor of production and as a measure of environmental quality. We show that sustained economic growth and a non-deteriorating environment can coexist along the economy’s balanced growth path. Moreover, the output growth rate is positively related to the steady-state level of n...

The Role of Natural Resources in Economic Development†

Economists now recognize that, along with physical and human capital, environmental resources should be viewed as important economic assets, which can be called natural capital . Three recent debates have emerged over the role of natural capital in economic development. First, as many ecological services are unique, does the environment have an “essential” role in sustaining human welfare, and ...

Natural Resources, Economic Growth and Sustainability: a Neoclassical Perspective

Tourism And Natural Resources