Microeconomic Challenges for the Sustainable Management of Exhaustible Resources
摘要
Sustainable management of exhaustible resources requires that at least some meaningful proportion of their rents be saved to provide for the well-being of future generations. This is a key issue for emerging countries, rich in these types of resources, but facing social and political pressures to spend now to solve existing problems, and at the same time need to invest to sustain or increase production of these commodities. The estimation of rents from natural resources and their evolution over time, as well as the design of efficient mechanisms to capture the right amount of these rents, is central for these purposes. Current formulas go from taxation to outright nationalization. Then there is the issue of how to best save these resources for future generations. Investment in human capital and infrastructure to promote growth plays a role and they are usually allocated through the budget process. Special purpose funds have also been used, either to relieve the burden of Social Security for future generations, or just to provide financial wealth for them to dispose of.