Abstract
This note generalizes the Solow-Stiglitz efficiency condition for natural resources to the problem of fossil fuel extraction with a greenhouse effect. The generalized optimality condition suggests that the greenhouse effect implies overextraction in the sense of leaving future generations a wrongly composed wealth portfolio with too few natural resources relative to man-made capital. This judgment is independent of society s ethical preferences concerning the well-being of future generations.
| Dokumententyp: | Paper |
|---|---|
| Fakultät: | Volkswirtschaft
Volkswirtschaft > Lehrstühle > Lehrstuhl für Nationalökonomie |
| Themengebiete: | 300 Sozialwissenschaften > 330 Wirtschaft |
| Sprache: | Englisch |
| Dokumenten ID: | 19600 |
| Datum der Veröffentlichung auf Open Access LMU: | 15. Apr. 2014 08:52 |
| Letzte Änderungen: | 29. Apr. 2016 09:16 |
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