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| Title: | Environment in Three Classes of Endogenous Growth Models |
| Authors: | Elbasha, Elamin H.
Roe, Terry L. |
| Issue Date: | 1995 |
| Series/Report no.: | Bulletin 95-6 |
| Abstract: | The implications of environmental externalities are studied within three classes of endogenous
growth models viz. the linear technology models, the human capital models, and the R&D
and innovation models. The long-run rate of economic growth changes when environmental
extemalities are introduced; the direction of change depends on the severity of extemalities and
the intertemporal elasticity of substitution. The presence of environmental externalities cause
the decentralized growth rate to diverge from the efficient rate. Which rate is bigger than the
other depends, among other things, on the valuation of consumption relative to environmental
quality. Several policy changes to align the two paths are discussed. The models are calibrated
to U.S. data. |
| URI: | http://purl.umn.edu/7474 |
| Institution/Association: | University of Minnesota>Economic Development Center>Bulletins |
| Total Pages: | 35 |
| Language: | English |
| Collections: | Bulletins
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| edc95-06.pdf | 1735Kb | PDF | View/Open |
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