How Substitutable is Natural Capital?

Arbeitspapier

One of the recurring themes in the sustainability literature has been the legitimacy of using an economic framework to account for natural resources. This paper examines the potential for substituting between different inputs in the generation of income, where the inputs include natural resources such as land and energy resources. A nested CES production function is used to allow flexibility in the estimated elasticities of substitution. Also, with this specification, natural resources and other inputs are combined in different levels of the function, thus allowing for different levels of substitutability. Institutional and economic indicators are also incorporated in the production function estimated. Results show that the elasticities derived from functions involving land resources were generally around one or greater. Furthermore, changes in trade openness and private sector investment have a statistically significant and direct relationship with income generation. No statistically significant relationship between income and any of the institutional indicators was found.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Nota di Lavoro ; No. 88.2005

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence ; Renewable Resources and Conservation: Land ; Exhaustible Resources and Economic Development
• Thema: Wealth accounting ; Natural resources ; Nested CES production function ; Natürliche Ressourcen ; CES-Produktionsfunktion ; Substitutionselastizität ; Theorie

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Markandya, Anil ; Pedroso, S.
• Ereignis: Veröffentlichung
• (wer): Fondazione Eni Enrico Mattei (FEEM)
• (wo): Milano
• (wann): 2005

Weitere Informationen

• Handle: http://hdl.handle.net/10419/74072
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ