The present paper generalizes the Weitzman-Hartwick approach to national income accounting. The authors first establish a close general relation between the current value Hamiltonian of an optimal control problem and the optimal value of the objective integral if the time argument does not enter...

The model developed by Devarajan and Go [Devarajan S., & Go S. (1998). The simplest dynamic general-equilibrium model of an open economy. Journal of Policy Modeling, 20(6), 677-714] presents the simplest possible general-equilibrium model of an open economy in which producers' and consumers'...

One of the key features of the CAP 2014 reforms is the requirement for Member States currently distributing direct payments to farmers on the basis of historic support levels to switch an area-based payment scheme. This paper explores effects of this shift for both the farm sector and the wider...

Three factors of economic growth, i.e., physical capital accumulation, schooling, and learning by doing, are investigated. The special relationship between the first factor and the other two is modeled through adjustment costs in production experience accumulation whenever the production...

We empirically investigate the responsiveness of international trade to the stringency of environmental regulation. Stringent environmental regulation may impair the export competitiveness of 'dirty' domestic industries, and as a result, 'pollution havens' emerge in countries where environmental...