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More than eighty years have passed since A.C. Pigou proposed to internalize the external impacts of economic activities on the environment. However, economic policies in many countries and many areas are still pursued to aspire higher economic growth without paying sufficient attention to their diverse and cumulative effects on the environment. This paper attempts to review some of the important results obtained by extending the theory of optimal economic growth to include such factors as natural resources, environmental assets, and information technology. Dynamic efficiency conditions are summarized as a generalization of the Hotelling Rule, showing that overtime consumption-investment decisions should balance the utilization of all relevant stocks of the society. A condition for the dynamic optimality thus involves maintaining or enlarging the total stock of "capital" which is the sum of all relevant stocks existing in the society that are evaluated by their shadow or efficiency prices including external costs. Implications of the extended model for the social accounting framework are also discussed.
関西学院大学の論文