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Introduction to Part I
The firm as resourcefarmer
Introduction to Part II
6 other sections not shown
allocation analysis assumed assumption autarky behaviour capita consumption capital cartel Cobb-Douglas commodity concave function constant cost function cost of extraction country's depletion deposit differential equations differential system discount factors dynamic path edited by M.C. eigenvalues elasticity equal equilibrium essay exhaustible resources exponentially factors of production Hamiltonian Hence initial values Journal of Economics Kemp and Long Kemp and N.V. KEMP and NGO labour Lemma locus M.C. Kemp marginal product marginal utility maximize monopolistic N.V. Long natural resources necessary conditions NGO VAN LONG North-Holland Publishing Company obtain optimal path output perfect competition planned extraction positive price path problem producer country production function proposition rate of extraction rate of interest recycling resource extraction resource price resource stock resource-poor country resource-rich country Rybczynski theorem satisfied sector shadow price solution steady Stiglitz suboptimal supplier country Suppose theorem theory transversality condition utility function zero