Non-Renewable Resources and Disequilibrium Macrodynamics.
- 1st ed.
- 1 online resource (362 pages)
- Routledge Library Editions: Environmental and Natural Resource Economics Series .
- Routledge Library Editions: Environmental and Natural Resource Economics Series .
Cover -- Half Title -- Title Page -- Copyright Page -- Dedication -- Contents -- CHAPTER ONE: INTRODUCTION -- 1.1. The economics of non-renewable natural resources -- 1.2. Disequilibrium adjustment with non-market-clearing trading -- 1.3. The basic assumptions -- 1.4. Outline of the study -- CHAPTER TWO: THE BASIC MODEL -- 2.1. Essentials of the basic model -- 2.2. Representative behaviour in the basic model -- 2.2.1. The firms -- 2.2.2. The households -- 2.2.3. The resource suppliers -- 2.2.4. The government -- 2.2:5. The investors -- 2.3. Comparative statics -- 2.3.1. Market-clearing conditions -- 2.3.2. The effects of exogenous disturbances -- 2.4. Dynamic analysis in the basic model -- 2.4.1. The basis for notional schedules -- 2.4.2. Price adjustments -- 2.4.3. The dynamics of adjustment -- CHAPTER THREE: A SIMPLE FIX-PRICE DISEQUILIBRIUM MODEL -- 3.1. Non-market-clearing exchange -- 3.1.1. Price rigidities in the short run -- 3.1.2. Properties of a non-market-clearing equilibrium -- 3.1.3. Effective demand and supply schedules -- 3.2. Types of fix-price equilibria -- 3.3. SC: The case of classical unemployment -- 3.3.1. The behaviour of the firms in the SC case -- 3.3.2. The behaviour of the households in the SC case -- 3.3.3. The determination of quantities in the SC case -- 3.3.4. Comparative statics of the SC case -- 3.4. DC: The case of the Keynesian unemployment -- 3.4.1. The behaviour of the households in the DC case -- 3.4.2. The behaviour of the firms in the DC case -- 3.4.3. The determination of quantities in the DC case -- 3.4.4. Comparative statics of the DC case -- 3.5. NRC: The case of repressed inflation -- 3.5.1. The behaviour of the households in the NRC case -- 3.5.2. The behaviour of the firms in the NRC case -- 3.5.3. The determination of quanities in the NRC case -- 3.5.4. Comparative statics of the NRC case. 3.6. Output, employment, and resource use in general -- 3.6.1. Effective market-clearing loci -- 3.6.2. Comparative statics of the effective market-clearing loci -- CHAPTER FOUR: PRICE ADJUSTMENTS IN THE DISEQUILIBRIUM MODEL -- 4.1. Price determination -- 4.1.1. SF: The simple formulation of price adjustment -- 4.1.2. AF: The alternative formulation of price adjustment -- 4.2. Stability of the quasi-equilibria -- 4.2.1. Stability in the simple formulation case -- 4.2.2. Stability in the alternative formulation case -- 4.3. Comparative statics of the quasi-equilibria -- 4.3.1. Comparative statics with the simple formulation -- 4.3.2. Comparative statics with the alternative formulation -- 4.4. Summary of Chapters Three and Four -- CHAPTER FIVE: EXPECTATIONS AND THE SUPPLY OF RESOURCE FLOW -- 5.1. The Hotelling principle -- 5.2. Expectations and resource supply -- 5.2.1. Two resource supply functions -- 5.2.2. Five modes of expectation formation -- 5.3. Stability of the quasi-equilibria -- 5.4. Myopic perfect foresight -- 5.4.1. The simple resource supply function -- 5.4.2. The quasi-Hotelling resource supply function -- 5.5. Simple adaptive expectations -- 5.5.1. The simple resource supply function -- 5.5.2. The quasi-Hotelling resource supply function -- 5.6. Expectation of price level -- 5.6.1. The simple resource supply function -- 5.6.2. The quasi-Hotelling resource supply function -- 5.7. Compound adaptive expectations -- 5.7.1. The simple resource supply function -- 5.7.2. The quasi-Hotelling resource supply function -- 5.8. An expectational formulation of price adjustment -- 5.8.1. The simple resource supply function -- 5.8.2. The quasi-Hotelling resource supply function -- 5.9. Conclusion of the stability analysis -- CHAPTER SIX: CONCLUSION -- 6.1. Discussion of assumptions and results -- 6.2. The longer run -- 6.3. Policy recommendations. REFERENCES -- APPENDICES -- Appendix A1 -- Appendix A2 -- Appendix A3 -- Appendix A4 -- Appendix B1 -- Appendix B2 -- Appendix B3 -- Appendix B4 -- Appendix B5 -- Appendix C1 -- Appendix C2 -- Appendix C3 -- Appendix C4 -- Appendix C5 -- Appendix C6 -- Appendix D1 -- Appendix D2 -- Appendix D3 -- Appendix D4 -- Appendix D5 -- Appendix D6 -- Appendix D7 -- Appendix D8 -- Appendix D9 -- INDEX OF NAMES.
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.