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This paper examines environmentally sustainable growth with reference to climate change assuming two final outputs and two factors of production, accounting for both pollution flow and stock effects. If the elasticity of marginal utility of consumption is greater than one, an optimal pollution tax ensures sustainable growth without any further government intervention. Otherwise, either a high temporal elasticity of substitution in production or consumption is required for sustainability. Even a suboptimal pollution tax may allow sustainable development provided the tax time profile meets certain conditions that are developed and described in this paper.

Keywords: sustainable growth ; consumption flexibility ; technological change ; optimal pollutiontax

Subject(s): Community/Rural/Urban Development

Environmental Economics and Policy

Issue Date: 2014-04

Publication Type: Working or Discussion Paper

PURL Identifier: http://purl.umn.edu/166244

Total Pages: 53

JEL Codes: O44; Q01; Q56

Series Statement: Working Paper


Record appears in: University of Maryland > Department of Agricultural and Resource Economics > Working Papers

Autor: López, Ramón E. ; Yoon, Sang W.

Fuente: http://ageconsearch.umn.edu/record/166244?ln=en

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