Every society aspires to be prosperous. It also endeavors to minimize the side effects of economic growth. This book entitled The Economics of Optimal Growth Pathways addresses numerous trade-offs faced by society to achieve prosperity and explores the best possible growth pathways. The theories explored in this book serve as a springboard to better understand key challenges and aspects of the economy, including food security, land use, forest and resource management, capital markets and interest rates, oil and gas extraction, fish and marine resources, saving and investment, and climate change.
This book elucidates the concept of optimal economic growth pathways while addressing the challenges faced in natural resources and life on the planet. It will be relevant to students and researchers interested in resource and environmental economics.
Author(s): S. Niggol Seo
Publisher: Palgrave Macmillan
Year: 2023
Language: English
Pages: 329
City: Cham
Preface
Contents
About the Author
List of Figures
List of Tables
Chapter 1: An Introduction to the Economics of Optimal Growth Pathways and the Health of Natural and Ecological Resources
1.1 Introduction
1.2 Natural Resources and Life on Earth
1.3 Financial Assets
1.4 An Optimal Economic Growth Pathway for the Nation
1.5 Post-Growth and Sub-Optimal Growth Critiques
1.6 The Common Concern of All: A Health of Nature and Life on Earth
1.7 Structure of the Book
References
Chapter 2: Ricardo’s Rent
2.1 Agriculture for Food and Nutrition
2.2 David Ricardo’s Rent Theory
2.3 A Marginal Revolution
2.4 Short-Term and Long-Term Effects of Agricultural Improvements
2.5 The Optimal Pathways of Land Value and Rent
2.6 The Rome Club Critique
2.7 Evaluating Food Security of the Planet
2.8 Conclusion
References
Chapter 3: Von Thunen’s Spatial Land Use: Grasslands and Cities
3.1 Introduction
3.2 Von Thunen’s Spatial Land Use
3.3 A Wasteland Critique
3.4 Optimal Pathways of Land Use Changes
3.5 Evaluating the Health of Grasslands on the Planet
3.6 Conclusion
References
Chapter 4: Faustmann’s Forest Harvest Rotation
4.1 Introduction
4.2 Economics of Renewable Resources
4.3 A Forester’s Harvest Rotation
4.4 Faustmann’s Optimal Harvest Rule
4.5 Extensions of the Faustmann Rotation
4.5.1 An Old Growth Forest
4.5.2 Non-Timber Forest Products (NTFPs)
4.5.3 Climate and Ecological Value
4.6 A Deforestation Critique
4.7 The Pathways of the Planet’s Forest
4.8 Concluding Remarks: Tree Planting Initiatives
References
Chapter 5: Hotelling’s Fossil Fuel Economics
5.1 Introduction
5.2 Fossil Fuels as Non-renewable Resources
5.3 Economics of Crude Oil Extractions
5.4 Backstop Energy
5.5 A Peak Oil Critique
5.6 An Environmental and Health Critique
5.7 Energy and Technology Revolutions in the Fossil Fuel Economics
5.8 Conclusion
References
Chapter 6: Fisheries Bioeconomics Under Open Access
6.1 Introduction
6.2 A Bioeconomic Model of Fisheries
6.3 Open Access Fisheries
6.4 Creating Private Property Rights
6.5 A Species Extinction Critique
6.6 Conclusion
References
Chapter 7: Irving Fisher’s Capital and Interest
7.1 Introduction
7.2 Capital
7.3 Interest Rate
7.4 A Zero Discounting Critique
7.5 Conclusion
References
Chapter 8: Frank Ramsey’s Optimal Savings
8.1 Introduction
8.2 A Theory of Saving
8.3 A Ramsey Discounting Critique
8.4 Conclusion
References
Chapter 9: Robert Solow’s Modern Economic Growth
9.1 Introduction
9.2 A Solow Growth Model
9.3 An Exogenous Technical Change
9.4 A Sustainable Development Critique
9.5 Conclusion
References
Chapter 10: Tjalling Koopmans’s Optimal Economic Growth
10.1 Introduction
10.2 Koopmans’s Optimal Economic Growth: A Golden Rule of Accumulation
10.3 Koopmans’s Optimal Economic Growth: An Optimal Growth Path
10.4 Technological Changes and a Discount Rate in Koopmans’s Model
10.5 A Negative Externality Critique
10.6 Conclusion
References
Chapter 11: William Nordhaus’s Optimal Carbon Tax Trajectory
11.1 Introduction
11.2 The DICE Model
11.2.1 Objective Function
11.2.2 Economic Variables
11.2.3 Geophysical Variables
11.2.4 The RICE Model
11.3 Calibrations of the DICE Model
11.4 The Optimal Carbon Price Trajectory
11.5 A Fat-Tail Critique
11.6 Conclusion
References
Chapter 12: The Economics of Optimal Growth Pathways with Managing Natural Resources Efficiently
12.1 Introduction
12.2 Decisions of Individual Natural Resource Managers
12.3 National Economic Decisions
12.4 Conclusion
References
Chapter 13: Tendencies for Sub-optimal or Post-growth Pathways
13.1 Introduction
13.2 Sub-optimal or Post-growth Tendencies Introduced in the Book
13.3 A Sustainable Development Critique
13.4 An Ecological Economics Critique
13.5 A Degrowth Critique
13.6 Conclusion
References
Index
