Constant-utility paths in a resource-based economy

Бажанов, Андрей

doi:10.1016/j.reseneeco.2013.04.002

Cited by 7 publications

(5 citation statements)

References 27 publications

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“…This is because, ceteris paribus, a 1% change in the value of GDP will only negatively impact sustainable development by approximately 0.24%. This is another indication that over-dependence on crude oil revenue in the long run will be grossly irrelevant to sustainable development [ 27 , 51 , 55 , 80 , 81 , 82 ]. GDP will become as nominal as it can be if not invested in human development drivers in the short run.…”

Section: Discussionmentioning

confidence: 99%

“…This is necessary to resolve the age-long paradox of plenty, popularly referred to as “resource curse” that has plagued these ten countries, considering that they contribute about 90% of African oil production [ 20 , 24 , 25 ]. This paradox has it that resource-rich African countries seem to have been more cursed than blessed with natural resources, especially crude oil [ 26 , 27 ]. Year-on-year, statistics have shown that the contributions of crude oil revenue (COR) to these countries’ GDP have never been less than 70% [ 20 , 24 , 28 , 29 ].…”

Section: Introductionmentioning

confidence: 99%

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Sustainable Development and Crude Oil Revenue: A Case of Selected Crude Oil-Producing African Countries

Ologunde

Kapingura

Sibanda

2020

IJERPH

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This study investigated the relationship between sustainable development and crude oil revenue (COR) in selected oil-producing African countries from 1992–2017 using the Pooled Mean Group (PMG) estimators on panel autoregressive distributed lag model (ARDL). Sustainable development was measured with the Human Development Index (HDI). This study was significant for Africa to break away from fiscal over-dependence on natural resource revenue, especially crude oil due to its high volatility and to correct porous institutional outlook. The a priori expectation is that crude oil revenue will tank so much that many countries will record negative positions and might not be to meet fiscal demands in the long run if the situation is protracted. Empirical results revealed that there was no long-term relationship between COR and sustainable development. In other words, the results suggest that any changes to COR have a potential negative effect on sustainable development in the selected countries. This implies over-reliance on COR will impact the economies negatively in the long run. This finding, therefore, requires an immediate fiscal intervention on spending on sustainable development drivers such as education, health, agriculture cum adoption diversification policy, and veritable supply-side policies that could avert the possibility of these negative effects and to correct traits of ineffective public institution. The absence of such policy interventions in these countries seems to be related to ineffective public institution and bad governance, culminating from poor, ineffective, and inefficient implementation.

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Section: Discussionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Sustainable Development and Crude Oil Revenue: A Case of Selected Crude Oil-Producing African Countries

Ologunde

Kapingura

Sibanda

2020

IJERPH

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“…After increase in 25 Indeed, formula (4) for coincides with (A.5), where 1 for = becomes 1 = ̇ 0 ∕ 0 = 0 ∕[ 0 ( − )] = 1 , and with the one in Bazhanov (2013, p. 344) 26 The survey was in the form of open discussion of the patterns of sustainable growth provided in Fig. 1 of Bazhanov (2013). 27 The rate of time preference varies interpersonally and over time but saving rates are always separated from zero (e.g.…”

Section: Optimal Growth: Bounded or Unbounded?mentioning

confidence: 82%

“…For ̇ > 0, the only "happy" economy (sustainable and efficient) requires higher ̄ or, for the same ̄ and < ̄ , the collapse is faster than for ̇ = 0 since growth is more resource-consuming (e.g. Bazhanov, 2013).…”

Section: Leo Tolstoymentioning

confidence: 99%

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Extraction path and sustainability

Бажанов

2022

Resources Policy

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This paper offers an approach to construct a family of extraction paths for nonrenewables that guarantee long-run sustainability of an imperfect economy. A path from this family leads to a monotonic growth of output with a decreasing rate of growth if a sustainability condition holds. Otherwise, the path leads either to a bounded decline or U-shaped path of output. In this sense, the paper extends neoclassical results and provides a bridge between neoclassical and degrowth theories because neoclassical tools are used to quantify degrowth scenarios. The offered path can be incentive-compatible for climate change problems because it reduces the extraction of polluting minerals consistently with the IPCC goals. That is, the climate-benefiting emission cuts by the parties of climate agreements may be guided by purely "egoistic" motives-to make own economies long-run sustainable.) is less than one. Then where is a magic trick?Recall that Hartwick (2003) stated that "This result is local in time" and the production function must be "with substitutability among inputs." 8 An example below illustrates general issues 9 reflected in these disclaimers. The example considers a non-optimal economy under (i) and (ii) with the data that are close to real economies. The point of interest is the effect of changes in while other parameters, including the resource-labor and capital-labor substitutabilities, are fixed. Calculations are provided in Appendix A.

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A Sketch of Environmental Macroeconomics

Endres¹,

Radke²

2018

Springer Texts in Business and Economics

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Constant-utility paths in a resource-based economy

Cited by 7 publications

References 27 publications

Sustainable Development and Crude Oil Revenue: A Case of Selected Crude Oil-Producing African Countries

Sustainable Development and Crude Oil Revenue: A Case of Selected Crude Oil-Producing African Countries

Extraction path and sustainability

A Sketch of Environmental Macroeconomics

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