Title
Hotelling, Rawls, Solow: how exhaustible resources came to be integrated into the neoclassical growth model Hotelling, Rawls, Solow: how exhaustible resources came to be integrated into the neoclassical growth model
Author
Faculty/Department
Faculty of Applied Economics
Publication type
article
Publication
Subject
Economics
Source (journal)
History of political economy: annual supplement
Volume/pages
41(2009) , p. 263-281
ISSN
0018-2702
ISI
000280833000015
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Affiliation
University of Antwerp
Abstract
Exhaustible resources were integrated into the neoclassical growth model in the early 1970s. This happened partly as a reaction to various reports focusing on the limits to growth. At a deeper level, the debate on Rawls's theory of justice in an intergenerational context and Hotelling's economics of exhaustible resources were crucial inputs. This paper concentrates on Solow's contribution to the integration. It also traces its influence on the economics profession, focusing on the Hartwick rule and the way in which economists think about sustainability.
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