This note offers a general proof of the converse of Hartwick’s rule, namely that — in an economy with stationary instantaneous preferences and a stationary technology — an efficient constant utility path is characterized by the value of net investments being zero at each point in time. In a one consumption economy with two stocks — a stock of a natural resource and a stock of man-made capital —...

Trade and Migration with Renewable Natural Resources: Out-of-Steady-State Dynamics Commodity price increases associated with the entry of China, India and other countries into the world economy has led to increased pressure on common-property renewable natural resources (NR). The problem is particularly worrisome for economies that obtain a large share of their income from the exploitation of N...

1 The Natural Capital Project, Stanford University, 371 Serra Mall, Stanford, CA 94305, USA 2 The Natural Capital Project, Stanford University, c/o School of Environmental and Forest Sciences, University of Washington, Box 352100, Seattle, WA 98195, USA 3 Department of Civil, Environmental and Mechanical Engineering, University of Trento, Via Mesiano, 77 I-38123 Trento, Italy 4 The Nature Conse...

A new method is introduced and applied to analyze changes in productivity of Þrms harvesting a natural capital stock. The index-number technique decomposes the contributions of output prices, variable input prices, Þxed inputs and productivity to Þrm proÞts, adjusted for changes in the natural capital stock. An application of the method is given using micro-level data from a common-pool resourc...

The objective of this paper is to reinvestigate the relationship between natural gas consumption and economic growth by including foreign direct investment, capital and trade openness in Malaysia for the period of 1971-2012. The structural break unit root test is employed to investigate the stationary properties of the series. We have applied combined cointegration test to examine the relations...

Nature as the foundation of sustainable development Sustainable use and management of the Earth's natural resources is a key target for nations that have ratified the UN Convention on Biological Diversity. It is also increasingly recognised as critical for sustainable business practices. Governments and the private sector therefore need to understand: 1. What elements of nature are currently pr...

the main aim of this study was to investigate the relationship of students' social capital components and entrepreneurship intention. the statistical population of this study consisted of all students of university college of agriculture and natural resources, university of tehran (n=2600) among which 155 students where accessed based on cochran formula and through convenient sampling. data wer...

Social capital is an essential complement to the concepts of natural, physical and human capital and can be usedfor beneficial or harmful ends-or simply be allowed to dissipate. While allforms of capital are essentialfor development, none of them are sufficient in and of themselves. In this paper, Ifocus first on the concept of human-made capital and examine some of the essential similarities b...