The validity of the Hotelling's rule, the fundamental theorem of nonrenewable resource economics, is limited by its partial equilibrium nature. One symptom of this limitation may be the disagreement between the empirical evidence, showing stable or declining resource prices, and the rule,...

In this paper, we extend the Romer (1990) model in two ways. First, we include energy consumption of intermediates. Secondly, intermediates become heterogeneous due to endogenous energy saving technical change. However, aggregate effective capital is still subject to endogenous technical change...

In this paper, we extend the Romer (1990) model in two ways. First, we include energy consumption of intermediates. Secondly, intermediates become heterogeneous due to endogenous energy saving technical change. However, aggregate effective capital is still subject to endogenous technical change...

There is an unknown but probably small probability that the West-Antarctic Ice Sheet (WAIS) will collapse because of anthropogenic climate change. A WAIS collapse could cause a 5--6 metre global sea level rise within centuries. In three case studies, we investigate the response of society to the...

This study is a remark designed to underline the importance of using the right form of accumulation functions in economic growth models. After appearance of endogenous growth models in the growth literature, exclusion of a counter-force in the accumulation function, though required by the nature...

The validity of the Hotelling’s rule, the fundamental theorem of nonrenewable resource economics, is limited by its partial equilibrium nature. One symptom of this limitation may be the disagreement between the empirical evidence, showing stable or declining resource prices, and the rule,...

This study provides evidence on income-health causality by employing a large micro panel data set with a VAR representation. The findings verify that dominant type of causality is bidirectional which cast doubt on the performance OLS estimates in the literature. Moreover, one-way causality...

It is commonly argued that catastrophic effects of physical shocks are recovered consequentially due to internal adjustment mechanisms economies retain. The theoretical literature on growth implications of earthquakes relies on the same premise, by and large, putting relatively minor role on the...

The validity of the Hotelling?s rule, the fundamental theorem of nonrenewable resource eco- nomics, is limited by its partial equilibrium nature. One symptom of this limitation may be the disagreement between the empirical evidence, showing stable or declining resource prices, and the rule,...