Competitive Equilibria and Sustainable Growth in a Life-Cycle Model with Natural Resources
在戴蒙德代际交叠模型中研究资本积累与自然资源开采的相互作用，探讨自私、有限寿命的世代通过竞争市场能否实现可持续增长路径。
The purpose of this note is to consider interactions between capital accumulation and natural resource exploitation in Diamond's (1965) overlapping generations (OLG) model. The presumption in the literature on economic growth under resource constraints e.g. Solow (1974) or Stiglitz (1974) is that constant standards of living are possible in the presence of nonreproducible natural resources even in the absence of technical progress, provided only that capital and resources are good substitutes in production and makes sufficient investments in reproducible capital to offset the optimally declining stock of natural resources. This literature ignores generation overlap and treats society in each period as a single generation which cares about (and also discounts) the welfare of its immediate descendants and which has complete control over the rate of resource use and the saving rate. Whether a sequence of selfish, finite-lived and interdependent generations interacting via competitive markets will implement these paths is an open question. This note introduces a stationary population, log-linear version of Diamond's model in which natural resources are selfreproducible and essential in production, and capital depreciates completely after one period. In this environment it is technically feasible to achieve growth paths in which the input and the stock of natural resources are constant and in which capital accumulation leads to growth in living standards. These paths of resource use can be interpreted as emanating from the normative concept of sustainable development now advocated