The net national product and exhaustible resources: The effects of foreign trade

• 成果类型: Article
• 署名作者: Sefton, JA; Weale, MR
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/0047-2727(95)01527-2
• 发表日期: 1996
• 页码: 21-47
• 关键词: exhaustible resources; net national product; Hamiltonian; imputed income; foreign trade

摘要

It is the widely held view that estimates of national income should be corrected for the value of the extracted exhaustible resource stock. This correction implies the counter-intuitive result that the national income of an oil producer is unaffected by its vast oil reserves. In this paper we review the definition of national income, and discuss its relation to national welfare. We show that an extra income should be imputed to the resource-owning country based on the exportable resource stock. Part of the net adjustment for resource use is made to the income of the resource-using and not the resource-producing country.