ECON 330 Week 8 Assignment: Economic Growth and Scarcity of Natural Resources

ECON 330 Week 8 Assignment: Economic Growth and Scarcity of Natural Resources

ECON 330 Week 8 Assignment: Economic Growth and Scarcity of Natural Resources

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As discussed in Chapter 11 of Keohane and Olmstead, Nobel Prize winning economist Robert Solow argued that natural resources (natural capital) and created resources (physical capital) are interchangeable to the extent that they can be used to produce the goods and services that satisfy human wants and needs. As such, Solow argued, as long as there is sufficient capital of any type available to allow future generations to satisfy their wants and needs, it does not matter if the current generation depletes natural capital as long as it is replaced with appropriate new technologies and new physical capital.

For this week’s discussion, explain whether you agree or disagree with Solow’s view of natural resources and sustainability and why. Include a discussion of intergenerational equity as part of your answer.

To help with this week’s discussion, please find Robert Solow’s original lecture on sustainability at the link below. I think you will find it a bit more nuanced than the short synopsis of the lecture provided in the text. Many students object to the theory on the basis that it doesn’t call for the protection of any particular species or that it requires more knowledge about the wants and needs of future generations than we can possibly have. I think you’ll have a better understanding of Solow’s view of these two issues if you read pp. 180-82 in the attached (and you may be less quick to dismiss or condemn his presentation as a result).

I look forward to a spirited discussion on this issue.

/content/enforced/67696-491072/Solow.Sustainability_An_Economists_Perspective._1993.docx

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