Show Summary Details

Page of

PRINTED FROM OXFORD HANDBOOKS ONLINE (www.oxfordhandbooks.com). © Oxford University Press, 2018. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a title in Oxford Handbooks Online for personal use (for details see Privacy Policy and Legal Notice).

date: 26 January 2020

Abstract and Keywords

This chapter considers whether long-run resource scarcity limits economic growth. It distinguishes between renewable and non-renewable resources, as types of natural capital. Using the example of oil, it shows that the depletion of non-renewables is not a binding constraint. It critiques the peak oil concept, and, in particular, notes that it fails to take account of either technical progress or the impact of prices in allocating resources. On renewables there are serious depletion concerns; the chapter advances the aggregate natural capital rule, and sets out how this provides a rigorous asset-base constraint on sustainable economic growth. The operationalization of this rule requires a natural capital balance sheet, a risk register for renewable resources, and the provision of capital maintenance.

Keywords: natural capital, renewable and non-renewable resources, aggregate natural capital rule, capital maintenance, natural balance sheets peak oil, depletion thresholds

Access to the complete content on Oxford Handbooks Online requires a subscription or purchase. Public users are able to search the site and view the abstracts and keywords for each book and chapter without a subscription.

Please subscribe or login to access full text content.

If you have purchased a print title that contains an access token, please see the token for information about how to register your code.

For questions on access or troubleshooting, please check our FAQs, and if you can''t find the answer there, please contact us.