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The Global Environment, Natural Resources, and Economic Growth$
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Alfred Greiner and Willi Semmler

Print publication date: 2008

Print ISBN-13: 9780195328233

Published to Oxford Scholarship Online: September 2008

DOI: 10.1093/acprof:oso/9780195328233.001.0001

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Regulation of Resources

Regulation of Resources

(p.180) 16 Regulation of Resources
The Global Environment, Natural Resources, and Economic Growth

Alfred Greiner (Contributor Webpage)

Willi Semmler (Contributor Webpage)

Oxford University Press

This chapter exemplifies the problem of resource regulation by studying the tax rate as regulatory instrument. It presents a prototype intertemporal model of resource extraction with three state variables and one control variable. The three state variables are the stock of the resource, the capacity of the extractive industry, and its evolution of debt. The chapter is organized as follows. Section 16.2 lays out a three-dimensional model of resource exploitation that originates in Clark's contribution. Section 16.3 demonstrates, by employing a dynamic programming algorithm, that cyclical trajectories remain preserved even if a dynamic equation for the evolution of debt is added to the dynamics. Section 16.4 provides some concluding remarks.

Keywords:   economic model, resource regulation, tax rate, resource extraction

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