Technical Change and the Commons

Dale Squires, Niels Vestergaard

    Publikation: Bidrag til tidsskriftTidsskriftartikelForskningpeer review

    Abstract

    This paper addresses normative exploitation of common renewable resources with changes in technology and technical, allocative, and scale efficiency that exacerbate the commons problem and externality. Their impact depends on the rate and nature of change, investment, and state of property rights. An augmented fundamental equation of renewable resources with a modified marginal stock effect and a new marginal technology effect account for changes in disembodied and embodied technology and technical efficiency. Neglecting these changes generates misleading policy advice and dynamic inefficiency with overaccumulation of physical and natural capital and sizable foregone rents. An empirical application illustrates.

    OriginalsprogEngelsk
    TidsskriftReview of Economics and Statistics
    Vol/bind95
    Udgave nummer5
    Sider (fra-til)1769-1787
    ISSN0034-6535
    DOI
    StatusUdgivet - 1. jan. 2013

    Fingeraftryk

    Dyk ned i forskningsemnerne om 'Technical Change and the Commons'. Sammen danner de et unikt fingeraftryk.

    Citationsformater