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Paperback Non-Renewable Resources and Disequilibrium Macrodynamics Book
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ISBN: 1138090557

ISBN13: 9781138090552

Non-Renewable Resources and Disequilibrium Macrodynamics

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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...

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