ARTICLE
ABSTRACT
The aim of this paper is to analyze long-run economic growth of the economy endowed with natural resources. In the model we assume that natural resources are the main source of the energy necessary to power physical capital. We also assume existence of second type of physical capital that does not need energy. We consider optimal consumption per capita – maximizing behaviour of the economy, and also analyze the time of exhaustion of natural resources.
KEYWORDS
non-renewable natural resources, economic growth, natural resources as an energy source, complementarity between natural resources and physical capital
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