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Constant Consumption and the Economic Depreciation of Natural Capital: The Non-Autonomous Case


Ngo Van Long


McGill University - Department of Economics; CESifo (Center for Economic Studies and Ifo Institute for Economic Research)

John M. Hartwick


Queen's University
August 1996

CES, University of Munich WP 114

Abstract:     
We investigate economic depreciation of natural capital for cases of non-stationary output prices, technology, and interest rates. For the former two cases (exogenous movements in prices and technology), constant consumption emerges under a strategy of investing to cover off economic depreciation. The interest rate case requires a modified sinking fund strategy.

JEL Classification: E21, E22, Q20

working papers series


Date posted: January 27, 1997  

Suggested Citation

Long, Ngo Van and Hartwick, John M., Constant Consumption and the Economic Depreciation of Natural Capital: The Non-Autonomous Case (August 1996). CES, University of Munich WP 114. Available at SSRN: http://ssrn.com/abstract=3682

Contact Information

Ngo Van Long (Contact Author)
McGill University - Department of Economics ( email )
855 Sherbrooke Street West
Montreal, QC H3A 2T7
Canada
514-398-4850 (Phone)
514-398-4938 (Fax)
CESifo (Center for Economic Studies and Ifo Institute for Economic Research)
Poschinger Str. 5
Munich, DE-81679
Germany
John M. Hartwick
Queen's University ( email )
99 University Avenue
Kingston K7L 3N6, Ontario
Canada K7L 3N6
Feedback to SSRN (Beta)


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