When Environmental Policy is Superfluous: Growth and Polluting Resources
在内生增长模型中，非可再生资源产生污染，但最优平衡增长路径上污染持续下降，市场经济的污染外部性不扭曲决策，因此专门的环境政策是多余的。
In a research–driven endogenous growth model, a non–renewable resource gives rise to pollution. Consumption may either grow or decline along the optimal balanced growth path, but the (flow) pollution level necessarily diminishes continuously. Any positive balanced growth path is sustainable. Utility may improve, even though consumption declines. Although positive growth is optimal, the market economy may nevertheless result in permanently declining consumption possibilities. At the same time, a growth–enhancing government policy may improve long–run environmental conditions. The pollution externality does not distort the decisions of the market economy, so that a specific environmental policy is superfluous.