Environmental Valuation & Cost-Benefit News
Economic growth and the environment: Theory and facts
03/21/08
01:31:13 pm, by damageva 
, 210 words, 231 views 
Categories: General, Air, Academic Study/Journal Article, Economic Development, Environmental Economics / Ecological Economics, Costs and Benefits
Economic growth and the environment: Theory and facts
Abstract: Several recent papers propose competing theoretical explanations for the empirical observation of an inverted U-shape relationship between environmental degradation and per-capita income. We propose the following test of the theory: calibrate a theoretical model to an already developed economy using information unrelated to the pollution–income curve. Then simulate the model starting from a less developed initial condition and compare the predicted pollution–income relationship with that in the data. Our results are mixed. Some support exists for the theory that the inverted U-shape results from a corner solution in which less developed countries do not abate pollution. However, because we find abatement is relatively inexpensive, the model predicts pollution peaks at a level of per capita income much lower than that observed in our U.S. data. For some pollutants, we find evidence of a structural break in preferences in the early 1970s. When the structural break is added, the model performs better for two of three pollutants.
Keywords: Environmental Kuznets curve; Growth environment; Calibration
by Sherry Bartz and David L. Kelly both of Department of Economics, University of Miami, Box 248126, Coral Gables, FL 33134, United States
Resource and Energy Economics via Elsevier Science Direct www.ScienceDirect.com
Volume 30, Issue 2; May, 2008; Pages 115-149
http://dx.doi.org/10.1016/j.reseneeco.2007.06.001
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