Non-renewable resources and disequilibrium macrodynamics / Robert Marks.

Format:

Book

Author/Creator:

Marks, Robert, 1946- author.

Series:

Routledge Library Editions: Environmental and Natural Resource Economics Series

Routledge Library Editions : Environmental and Natural Resource Economics ; Volume 9

Language:

English

Subjects (All):

Power resources--Mathematical models.

Power resources.

Nonrenewable natural resources--Mathematical models.

Nonrenewable natural resources.

Equilibrium (Economics).

Physical Description:

1 online resource (354 pages) : illustrations.

Edition:

1st ed.

Place of Publication:

London, [England] ; New York, New York : Routledge, 2018.

Summary:

This study, first published in 1979, continues by examining the question of whether a competitive economy can efficiently allocate a stock of non-renewable natural resources through time. Long-run analyses of competitive economies with such resources have concluded that, without perfect foresight or a complete set of future markets extending infinitely far into the future, there is no economic mechanism to guarantee that the initial price is set so that the economy converges to the socially desirable path of balanced growth. This title will be of interest to students of environmental and natural resource economics.

Contents:

Cover

Half Title

Title Page

Copyright Page

Dedication

Contents

CHAPTER ONE: INTRODUCTION

1.1. The economics of non-renewable natural resources

1.2. Disequilibrium adjustment with non-market-clearing trading

1.3. The basic assumptions

1.4. Outline of the study

CHAPTER TWO: THE BASIC MODEL

2.1. Essentials of the basic model

2.2. Representative behaviour in the basic model

2.2.1. The firms

2.2.2. The households

2.2.3. The resource suppliers

2.2.4. The government

2.2:5. The investors

2.3. Comparative statics

2.3.1. Market-clearing conditions

2.3.2. The effects of exogenous disturbances

2.4. Dynamic analysis in the basic model

2.4.1. The basis for notional schedules

2.4.2. Price adjustments

2.4.3. The dynamics of adjustment

CHAPTER THREE: A SIMPLE FIX-PRICE DISEQUILIBRIUM MODEL

3.1. Non-market-clearing exchange

3.1.1. Price rigidities in the short run

3.1.2. Properties of a non-market-clearing equilibrium

3.1.3. Effective demand and supply schedules

3.2. Types of fix-price equilibria

3.3. SC: The case of classical unemployment

3.3.1. The behaviour of the firms in the SC case

3.3.2. The behaviour of the households in the SC case

3.3.3. The determination of quantities in the SC case

3.3.4. Comparative statics of the SC case

3.4. DC: The case of the Keynesian unemployment

3.4.1. The behaviour of the households in the DC case

3.4.2. The behaviour of the firms in the DC case

3.4.3. The determination of quantities in the DC case

3.4.4. Comparative statics of the DC case

3.5. NRC: The case of repressed inflation

3.5.1. The behaviour of the households in the NRC case

3.5.2. The behaviour of the firms in the NRC case

3.5.3. The determination of quanities in the NRC case

3.5.4. Comparative statics of the NRC case.

3.6. Output, employment, and resource use in general

3.6.1. Effective market-clearing loci

3.6.2. Comparative statics of the effective market-clearing loci

CHAPTER FOUR: PRICE ADJUSTMENTS IN THE DISEQUILIBRIUM MODEL

4.1. Price determination

4.1.1. SF: The simple formulation of price adjustment

4.1.2. AF: The alternative formulation of price adjustment

4.2. Stability of the quasi-equilibria

4.2.1. Stability in the simple formulation case

4.2.2. Stability in the alternative formulation case

4.3. Comparative statics of the quasi-equilibria

4.3.1. Comparative statics with the simple formulation

4.3.2. Comparative statics with the alternative formulation

4.4. Summary of Chapters Three and Four

CHAPTER FIVE: EXPECTATIONS AND THE SUPPLY OF RESOURCE FLOW

5.1. The Hotelling principle

5.2. Expectations and resource supply

5.2.1. Two resource supply functions

5.2.2. Five modes of expectation formation

5.3. Stability of the quasi-equilibria

5.4. Myopic perfect foresight

5.4.1. The simple resource supply function

5.4.2. The quasi-Hotelling resource supply function

5.5. Simple adaptive expectations

5.5.1. The simple resource supply function

5.5.2. The quasi-Hotelling resource supply function

5.6. Expectation of price level

5.6.1. The simple resource supply function

5.6.2. The quasi-Hotelling resource supply function

5.7. Compound adaptive expectations

5.7.1. The simple resource supply function

5.7.2. The quasi-Hotelling resource supply function

5.8. An expectational formulation of price adjustment

5.8.1. The simple resource supply function

5.8.2. The quasi-Hotelling resource supply function

5.9. Conclusion of the stability analysis

CHAPTER SIX: CONCLUSION

6.1. Discussion of assumptions and results

6.2. The longer run

6.3. Policy recommendations.

REFERENCES

APPENDICES

Appendix A1

Appendix A2

Appendix A3

Appendix A4

Appendix B1

Appendix B2

Appendix B3

Appendix B4

Appendix B5

Appendix C1

Appendix C2

Appendix C3

Appendix C4

Appendix C5

Appendix C6

Appendix D1

Appendix D2

Appendix D3

Appendix D4

Appendix D5

Appendix D6

Appendix D7

Appendix D8

Appendix D9

INDEX OF NAMES.

Notes:

Includes bibliographical references and index.

Description based on print version record.

Description based on publisher supplied metadata and other sources.

ISBN:

1-351-61052-X

OCLC:

1007857801