The Hotelling Rule for Entropy-constrained Economic Growth

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• 作者：Gabriel A. Lozada ^{lozada@economics.utah.edu}
• 关键词：Thermodynamics ; Entropy law ; Hotelling Rule ; Exhaustible resources
• 刊名：Ecological Economics
• 出版年：2017
• 出版时间：March 2017
• 年：2017
• 卷：133
• 期：Complete
• 页码：35-41
• 全文大小：376 K
• 卷排序：133

文摘

Lozada, Gabriel A. (1995), “xxx”, Ecological Economics, ?: ???–???. The entropy change of the solar system between now and its final heat death is fixed. The time to the heat death is determined by the rate of entropy increase between now and then. If this rate of entropy increase is itself increased by economic activity, then economic activity is generating a negative externality. By internalizing this, a social planner treats the fixed amount of entropy change remaining until the heat death like the stock of an exhaustible resource. This leads to an analysis along the same lines as Hotelling's neoclassical economics of exhaustible resources, forming a partial synthesis between neoclassical economics and Nicholas Georgescu-Roegen's “ecological economics” work on the entropy law.