Economic Growth and Environmental Policy: A Theoretical Approach
'An excellent volume for those specialising in environmental economics, especially those focusing upon the relationship between economic growth and environmental policy.' - Aslib Book Guide the use of dynamic models to address the problem of environmental degradation is central to environmental policy because decisions taken now affect not only the current generation but have a profound impact on the future. In this innovative book, Frank Hettich uses dynamic modelling to study the interactions between economic growth, environmental policy and tax reform. He incorporates pollution and abatement technologies into different endogenous growth models that take into account consumer preferences and physical and human capital accumulation. He focuses on the effects of environmental policy in closed and open economies in the short, medium and long term.
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Survey of Literature and General Model Setup
Environmental Policy in the Linear Growth Model
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abatement-capital ratio analyse assumed balanced growth path capital income tax cent central planner solution ceteris paribus chapter closed economy constant consumption tax consumption-capital ratio core variables countries damage of pollution derive economic growth education sector effects of taxes endogenous growth models environment environmental externality environmental tax EP scenario equation exogenous final good production first-best solution first-order conditions flow resource constraint Furthermore growth effects Hence human capital accumulation increases input factor interest rate international knowledge spillovers intertemporal elasticity knowledge spillovers leisure linear growth model linear model marginal product marginal utility market solution negative non-environmental taxes noncooperative solution optimal marginal damage optimal tax optimal tax rates output physical capital stock Pigouvian tax pollution specification pollution tax product of capital production function public abatement activities Rebelo reduced forms Section shadow price simulation small open economy Smulders tighter environmental policy tion transitional dynamics utility function Uzawa-Lucas model welfare zero