Abstract
In his book The Economics of Natural Resources, Richard Lecomber analysed carefully the many reasons why actual markets may be inadequate for allocating exhaustible natural resources over time — for example, common property problems, imperfect competition, absence of markets for dealing with risk. Central to the book, however, is the notion that natural resources are assets, and that a key source of biases in the rate of resource utilisation will be distortions in asset markets — markets for translating forgone consumption today into assets such as physical or human capital to produce higher consumption in the future.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Aarrestad, J. (1978), ‘Optimal Savings and Exhaustible Resource Extraction in an Open Economy’, Journal of Economic Theory, 19, pp. 163–79.
Calvo, G. and R. Findlay (1978), ‘On the Optimal Acquisition of Foreign Capital through Investment of Oil Export Revenues’, Journal of International Economics, 8, pp. 513–24.
Chiarella, C. (1980), ‘Trade between Resource-Poor and Resource-Rich Economies as a Differential Game’, in M. Kemp and N. Long (eds), Exhaustible Resources, Optimality and Trade (Amsterdam: North-Holland).
Chichilnisky, G. (1981), ‘Oil Prices, Industrial Prices and Output: a General Equilibrium Macro Analysis’, mimeo, University of Essex.
Dasgupta, P., R. Eastwood and G. Heal (1978), ‘Resource Management in a Trading Economy’, Quarterly Journal of Economics, 92, pp. 287–305.
Dasgupta, P. and G. Heal (1979), Economic Theory and Exhaustible Resources (Cambridge University Press).
Dixit, A. (1981), ‘A Model of Trade in Oil and Capital’, Discussion Papers in Economics, no. 16, Princeton University.
Griffin, J. and D. Teece (1982), OPEC Behaviour and World Oil Prices (George Allen & Unwin).
Kemp, M. and N. Long (eds) (1980), Exhaustible Resources, Optimality and Trade (Amsterdam: North Holland) Essays 16, 17, 18.
Lecomber, R. (1979), The Economics of Natural Resources (London: Macmillan).
Lewis, T. and A. Ulph (1985), ‘A Survey of Game Theoretic Models of Trade and Exhaustible Resources’, mimeo, University of British Columbia.
Marion, N. and L. Svensson (1983), ‘World Equilibrium with Oil Price Increases: an Intertemporal Analysis’, Oxford Economic Papers.
Stiglitz, J. (1976), ‘Monopoly and the Rate of Extraction of Exhaustible Resources’, American Economic Review, no 66.
Ulph, A. and D. Ulph (1981), ‘International Monopoly — Monopoly Power over Oil and Capital’, Discussion Paper no. 8116, University of Southampton.
Van Wijnbergen, S. (1983), ‘Taxation of International Capital Flows, the Intertemporal Terms of Trade, and the Real Price of Oil’, Oxford Economic Papers.
Vousden, N. (1974), ‘International Trade and Exhaustible Resources; A Theoretical Model’, International Economic Review, 15, pp. 149–67.
Editor information
Editors and Affiliations
Copyright information
© 1988 David Collard, David Pearce, and David Ulph
About this chapter
Cite this chapter
Ulph, A., Ulph, D. (1988). Policies towards Natural Resources and Investment in International Trade. In: Collard, D., Pearce, D., Ulph, D. (eds) Economics, Growth and Sustainable Environments. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-19014-0_11
Download citation
DOI: https://doi.org/10.1007/978-1-349-19014-0_11
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-19016-4
Online ISBN: 978-1-349-19014-0
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)