Non-Renewable Resources and Disequilibrium Macrodynamics

Download or read book Non-Renewable Resources and Disequilibrium Macrodynamics written by Robert Marks and published by Routledge. This book was released on 2017-10-17 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study, first published in 1979, continues by examining the question of whether a competitive economy can efficiently allocate a stock of non-renewable natural resources through time. Long-run analyses of competitive economies with such resources have concluded that, without perfect foresight or a complete set of future markets extending infinitely far into the future, there is no economic mechanism to guarantee that the initial price is set so that the economy converges to the socially desirable path of balanced growth. This title will be of interest to students of environmental and natural resource economics.