Limitaciones en el uso de la Regla de Hotelling ante la suba de precios del petróleo. La necesidad de una nueva crítica
This article presents a critical look at the conventional economic theory of non-renewable resources, showing that the concept of scarcity rent that arises from it reflects serious explanatory limitations regarding the relationship between prices and investment in the oil industry. The theoretical a...
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| Formato: | Artículo publishedVersion |
| Lenguaje: | Español |
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FACULTAD DE CIENCIAS ECONÓMICAS - UNIVERSIDAD DE BUENOS AIRES
2023
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| Acceso en línea: | https://ojs.economicas.uba.ar/REPBA/article/view/2679 https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=ecopol&d=2679_oai |
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| Sumario: | This article presents a critical look at the conventional economic theory of non-renewable resources, showing that the concept of scarcity rent that arises from it reflects serious explanatory limitations regarding the relationship between prices and investment in the oil industry. The theoretical and empirical literature is analyzed by presenting modern revisions of the depletion theory, and contrasting the content of the concept of scarcity rent as set forth by Lewis Gray - Hotelling's precursor - with the classical rent theory of David Ricardo. |
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