Pricing the Limits to Growth from Minerals Depletion
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CitationWeitzman, Martin L. 1999. Pricing the limits to growth from minerals depletion. Quarterly Journal of Economics 114(2): 691-706.
AbstractThis paper evaluates the loss of global welfare from exhaustion of nonrenewable resources, such as oil. The underlying methodology represents an empirical application of some recent developments in the theory of green accounting and sustainability. The paper estimates that the world loses the equivalent of about 1 percent of final consumption per year from finiteness of the earth's resources, compared with a counterfactual trajectory where global extraction of minerals is allowed to remain forever constant at today's flow rates and extraction costs.
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