Are There Limits to Growth?
构建了一个污染与人均收入呈倒U型关系的理论模型，并研究长期增长前景，发现增长可持续性取决于严格环境监管能否与资本回报率恒定兼容，税收和凭证方案优于直接监管。
A simple theoretical model of pollution is developed that generates an inverted U-shape relationship between per capita income and environmental quality. This model is then used to study long-run growth. The same inverted U-shape is shown to appear in time series and the prospects for sustained growth are shown to hinge on whether increasingly strict environmental regulation is compatible with a constant rate of return on capital. Implementation is also studied. Tax and voucher schemes are shown to have an advantage over direct regulation because they provide the correct incentives for capital accumulation. Copyright 1998 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.