For the parameter values considered, resource prices increase over time, and extractions, output, and utility decline over time until a steadystate is reached. Intergenerational equity and exhaustible resources by robert m. Constant sustainable consumption rate in optimal growth with exhaustible resources by frederic y. Climate change is an inherently intergenerational problem with extremely serious implications for equity between ourselves and future generations and among communities in the present and the future.
Reliable information about the coronavirus covid19 is available from the world health organization current situation, international travel. Oclcs webjunction has pulled together information and resources to assist library staff as they consider how to handle coronavirus. Hartwick invest all profits or rents from exhaustible resources in reproducible capital such as machines. It includes fair utilization of global resources among the human beings of the present generation. Want the problem of optimal growth with an exhaustible resource deposit under r. Pdf environmental identity and intergenerational equity. In this way, intergenerational equity extends the scope of social justice into the future. Due to the existence of entropy, exhaustible resources, and resource scarcity, the condition of sustainability as currently conceived seems unlikely ever to be achieved. Intergenerational equity and exhaustible esources12 r. Available formats pdf please select a format to send. Intergenerational equity based optimal water allocation for sustainable development. Aug 24, 2009 intergenerational equity based optimal water allocation for sustainable development. Intergenerational equity and the investing of rents from exhaustible resources by john m. Intergenerational equity and the investing of rents from exhaustible resources created date.
In resource economics, hartwicks rule defines the amount of investment in produced capital buildings, roads, knowledge stocks, etc. This injunction seems to solve the ethical problem of the current generation shortchanging future generations by overconsuming the current product. Economics letters 3 1979 5760 northholland publishing company technical progress, population growth and intergenerational equity in a model with many exhaustible and renewable resources koji okuguchi university of new south wales, kensington, nsw 2033, australia received 18 june 1979 a condition ensuring intergenerational equity is derived using a neoclassical model of many exhaustible and. Do justice considerations apply to intergenerational relations, that is, to relations between noncontemporaries. Muralikrishna, valli manickam, in environmental management, 2017. Traviss cassidy, antonios koumpias, jianxing liang, and yanxi zhou background and introduction the vast majority of economic research works within a utilitarian framework. Intergenerational equity and exhaustible resources by solow, robert m. The concept of intragenerational equity provides rights and duties to. An olg model with exhaustible resources and solar energy is developed, and equilibrium time paths are characterized numerically using recursive methods. Equity across generations brings about problems of matching agents and resources over an infinite horizon. The role of social and intergenerational equity in making. Intergenerational equity need for development on sustainable basis. Likewise, to define intergenerational equity, this work takes the concepts and results obtained in chichilnisky 1996. Introduction inhartwick3, it was shown thatimplicit insolows10 model ofintergenerational equity and exhaustible resources was the savingsinvestment rule.
Generally in a family, some savings are kept with the view of serving emergencies. Reading instructions exhaustible resources the part of the course covering exhaustible resources has a rather long reading list. Solow 1974 shows that, given a degree of substitutability. Knapp an olg model with exhaustible resources and solar energy is developed, and equilibrium time paths are characterized numerically using recursive methods. For a community to move towards sustainability, a number of principles concerning the planning and management of natural resources.
Principle of intergenerational and intragenerational equity. The theory of exhaustible resources hanswerner sinn. Koopmans on proof for a case when discounting advances the doomsday, and joseph e. Intragenerational equity is different from intergenerational equity. Intergenerational equity an overview sciencedirect topics. Intergenerational equity and the investing of rents from. Economics letters 3 1979 5760 northholland publishing company technical progress, population growth and intergenerational equity in a model with many exhaustible and renewable resources koji okuguchi university of new south wales, kensington, nsw 2033, australia received 18 june 1979 a condition ensuring intergenerational equity is derived using a.
Numerous and frequentlyupdated resource results are available from this search. Intergenerational equity in economic, psychological, and sociological contexts is a concept or idea of fairness or justice in relationships between children, youth, adults and seniors, particularly in terms of treatment and interactions miller et al. In this context, intergenerational refers to relationships and transactions between generations. Background and introduction the vast majority of economic research works within a utilitarian framework. Quantitative analysis of the fishing activity in the gulf of manfredonia gargano, southitaly authors. Jan 09, 2014 in this way, intergenerational equity extends the scope of social justice into the future. Efficient and optimal growth paths by stiglitz 1974, and intergenerational equity and exhaustible resources by solow 1974. If we follow a broad understanding of justice see mill 1863, ch. The concepts of intergenerational equity and sustainability are philosophically and economically contested ones. The theory of exhaustible resources by hanswerner sinn, mannheim received february, 1981 in economic textboots one cannot find much of use about the phenomenon of depletable resources.
Solow massachusetts institute of technology the theory of optimal economic growth, in the form given it by frank ramsey and developed by many others, is thoroughly utilitarian in conception. Issues of principle in the allocation of social resources between this generation and the next the commonwealth governments 200203 intergenerational report is about fiscal issues, but it is not valuefree. One is the natural world of plants and ani mals, of soils and airs and waters which preceded him by billions of years and of which he is a part. Extraction of exhaustible natural resources like fossil fuels, minerals, metals, and ores and their use in various economic activities has implications for sustainable development in two important ways. Such a matching is produced in part by spontaneous mechanisms and in part by policies. Exhaustible resource allocation, intergenerational equity, and sustainability keith c. Intergenerational equity and exhaustable resources 1973 this item may be available elsewhere in econpapers. Intergenerational equity and exhaustible resources 1 2. Intergenerational equity and exhaustible resources core. Intergenerational equity and the investing of rents from exhaustible resources. Exhaustible resource allocation, intergenerational equity. Exhaustible resources and future generations ebook, 2009. Constant sustainable consumption rate in optimal growth. Smith on general equilibrium with replenishable natural resources, tjalling c.
The concept can be applied to fairness in dynamics between children, youth, adults and seniors, in terms of treatment and interactions. Sustainability and resources theoretical issues in dynamic economics, chapter 8, pages 173195, world scientific publishing co. Intergenerational equity and sustainability pdf free. This investment is undertaken so that the standard of living does not fall as society moves into the indefinite future. Sustainable development, the hartwick rule and optimal. Intergenerational equity and the investing of rents from exhaustible resources 1976 this item may be available elsewhere in econpapers. Decreasing the intertemporal elasticity of substitution or raising. Intergenerational equity and exhaustible resources by robert solow notes by group 3 samuelson. Exhaustible resources and economic growth michiel w. It can also be applied to fairness between generations currently living and generations yet to be born. An understanding of evidencebased mechanisms will allow policymakers to formulate and implement evidenceinformed and bettertargeted policies. More than twenty years ago i wrote an article entitled climate change, intergenerational equity and international law. Intergenerational and intragenerational equity requirements sustainable development refers to particular types of human activities that can maintain the availability and quality of natural resources over time.
Intergenerational equity need for development on sustainable. Intergenerational equity in economic, psychological, and sociological contexts, is the concept or idea of fairness or justice between generations. Solows criterion of maximum sustainable consumption rate, previously formulated as a minimumresourceextraction problem, is shown to be a. Publication date 1973 topics equity, renewable natural resources. Intergenerational equity and exhaustible resources by robert solow arrow team handout is modified from 2011 presentation by traviss cassidy, antonios koumpias, jianxing liang, and yanxi zhou. The optimal depletion of exhaustible resources by dasgupta and heal 1974, growth with exhaustible natural resources. It was shortly before the time the economic editor of the leading german news magazine wrote. A celebration of environmental and resource economics. Conversations about intergenerational equity occur in many contexts including. Traviss cassidy, antonios koumpias, jianxing liang, and yanxi zhou background and introduction the vast majority of economic research works within a.
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