Exact optimal paths are calculated for a closed economy with human-made capital, non-renewable resource depletion and exogenous technical progress in production, hyperbolic utility discounting, and (possibly) hyperbolic technical progress. On its optimal path, generally, welfare-equivalent...

We construct a hybrid, economic indicator of the sustainability of global well-being, which is more inclusive than existing indicators and incorporates an environmentally pessimistic, physical constraint on global warming. Our methodology extends the World Bank's Adjusted Net Saving (ANS)...

We build a theoretical model of optimal, closed-economy growth including inputs of human and knowledge capital and growing natural resources, and give three approximate calibrations of it to global economic growth during 1995-2014. We thereby show that the World Bank's Adjusted Net Saving...

We build a directed technical change model where one intermediate goods sector uses a fixed quantity of biomass energy (“wood”) and another uses coal at a fixed price, matching stylized facts for the British Industrial Revolution. Unlike previous research, we do not assume that the level or...

We build a directed technical change model of the British Industrial Revolution where one intermediate goods sector uses a fixed renewable energy (“wood”) quantity, and another uses coal at a fixed price. With a high enough elasticity of substitution between the two goods in producing final...

We build a theoretical model of optimal, closed-economy growth including inputs of human and knowledge capital and growing natural resources, and give three approximate calibrations of it to global economic growth during 1995-2014. We thereby show that the World Bank's Adjusted Net Saving...