English, Article, Journal or magazine article edition: Non Catastrophic Endogenous Growth with Pollution and Abatment J., AZNAR-MARQUEZ; JosŽ Ramon, RUIZ-TAMARIT

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Bookmark: http://trove.nla.gov.au/version/178171
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Non Catastrophic Endogenous Growth with Pollution and Abatment
Author
  • J., AZNAR-MARQUEZ
  • JosŽ Ramon, RUIZ-TAMARIT
Physical Description
  • preprint
Notes
  • When there are pollution externalities the competitive equilibrium is not Pareto-optimal nor environmentally sustainable even if abatment activities are endogenously decided. In this paper we introduce the possibility of an ecological catastrophe like the one predicted by the global climate change, imposing the constraint of an upper-limit to the pollutants stock. We characterize this socially optimal soclution and study conditions for the sustainability of the balanced growth path. We find a trade-off between environmental quality and growth. The rate of growth depends negatively on the weight of environmental care in the utility function and positively on the population growth rate. We show that the emissions reduction recommended in the Kioto protocol is an appropriate policy to avoid the ecological catastrophe and ensure global efficiency and positive long-run growth.
  • Environment; Externalities; Optimal Growth, Ecological Catastrophe; Sustainability
  • RePEc:ctl:louvec:2005002
Language
  • English
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