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Springer awards „BestMasters“ to the best master’s theses which have been completed at renowned universities in Germany, Austria, and Switzerland. The studies received highest marks and were recommended for publication by supervisors. They address current issues from various fields of research in natural sciences, psychology, technology, and economics. The series addresses practitioners as well as scientists and, in particular, offers guidance for early stage researchers.

Markus Merz

Scarce Natural Resources, Recycling, Innovation and Growth

Markus Merz Tübingen, Germany

BestMasters ISBN 978-3-658-12054-2 ISBN 978-3-658-12055-9 (eBook) DOI 10.1007/978-3-658-12055-9 Library of Congress Control Number: 2015955646 Springer Gabler © Springer Fachmedien Wiesbaden 2016 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, speci¿cally the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on micro¿lms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a speci¿c statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper Springer Gabler is a brand of Springer Fachmedien Wiesbaden Springer Fachmedien Wiesbaden is part of Springer Science+Business Media (www.springer.com)

Contents

List of Figures

VII

List of Symbols

IX

1

Introduction

1

2

An Introduction to Economic Growth Theory and the Oil Market

3

3

The Dasgupta-Heal Model 3.1 A Closed-Form Solution . . . . . . . . . . . . . . . . . . . . . . 3.2 Critical Assessment . . . . . . . . . . . . . . . . . . . . . . . . .

11 20 21

4

Recycling as a Source of Regeneration 4.1 The Economic System and the Environment . . . . . . . . . . . . 4.2 Recycling Under a Material Balance Constraint . . . . . . . . . . 4.3 Incomplete Recycling . . . . . . . . . . . . . . . . . . . . . . . .

25 27 29 34

5

Technological Progress 5.1 Exogenous Technological Progress . . . . . . . . . . . . . . . . 5.2 Uncertain Technological Progress . . . . . . . . . . . . . . . . . 5.3 The Kamien-Schwartz Model . . . . . . . . . . . . . . . . . . . .

37 39 45 52

6

Discussion and Conclusions

67

VI

Contents

Appendix: A Sketch of Solutions A The Dasgupta-Heal Model A.1 Starvation of Mankind . . . . . . . . . . . . . .