This study, first published in 1979, continues by examining the
question of whether a competitive economy can efficiently allocate
a stock of non-renewable natural resources through time. Long-run
analyses of competitive economies with such resources have
concluded that, without perfect foresight or a complete set of
future markets extending infinitely far into the future, there is
no economic mechanism to guarantee that the initial price is set so
that the economy converges to the socially desirable path of
balanced growth. This title will be of interest to students of
environmental and natural resource economics.
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