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Optimal taxation and natural resources*

Published online by Cambridge University Press:  17 August 2016

Peter Simmons
Peter Simmons*
Affiliation:
Université Catholique de Louvain and Southampton University
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Extract

Discussion of economics of exhaustible resource in its modern form stemmed from Hotellings 1931 paper. The principles of optimal resource utilisation are now fairly clearly understood in the context of centrally planned economies but it is only since Hotellings paper that there has been a limited amount of work done on the description of behaviour of resource extractors in a market economy and there has still been virtually no work done in this literature on government policy over natural resources and their extraction in a market economy with the exception of a brief cryptic passage in Hotellings paper. Since Hotellings paper is an obvious point of departure for the exercises of the present it is worth summarising his framework.

Type
Research Article
Information
Recherches Économiques de Louvain/ Louvain Economic Review , Volume 43 , Issue 2 , June 1977 , pp. 141 - 163
Copyright
Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 1977 

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Footnotes

*

Financial assistance from the Nuffield Foundation is gratefully acknowledged.

References

[1] Hotelling, H. (1931), The Economics of Exhaustible Resources, Journal of Political Economy.10.1086/254195Google Scholar
[2] Mirrlees, J. (1976), A Survey of Optimal Tax Theory, Journal of Public Economics.10.1016/0047-2727(76)90047-5Google Scholar