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- W802362015 abstract "Abstract This paper studies dynamic interdependence of capital, land and resource values in a three sector growth model with endogenous wealth and renewable resources. The model is based on the neoclassical growth theory, Ricardian theory and growth theory with renewable resources. The household’s decision is modeled with an alternative approach proposed by Zhang two decades ago. The economic system consists of the households, industrial, agricultural, and resource sectors. The model describes a dynamic interdependence between wealth accumulation, resource change, and division of labor under perfect competition. We simulate the model to demonstrate the existence of a unique stable equilibrium point and plot the motion of the dynamic system. The study conducts comparative dynamic analysis with regard to changes in the propensity to consume resources, the propensity to consume housing, the propensity to consume agricultural goods, the propensity to consume industrial goods, the propensity to save, the population, and the output elasticity of capital of the resource sector." @default.
- W802362015 created "2016-06-24" @default.
- W802362015 creator A5056723779 @default.
- W802362015 date "2015-04-01" @default.
- W802362015 modified "2023-10-18" @default.
- W802362015 title "Values of Land and Renewable Resources in a Three-Sector Economic Growth Model" @default.
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- W802362015 doi "https://doi.org/10.1515/sbe-2015-0015" @default.
- W802362015 hasPublicationYear "2015" @default.
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