演講者簡介 : Professor C.C. Yang received his PhD from Virginia Polytechnic Institute and State University in 1989. He is an Adjunct Research Fellow at Institute of Economics, Academia Sinica. His research field is Public Policy with Heterogeneous Agents in Dynamic Stochastic General Equilibrium Environments.
演講摘要 : This paper extends the Solow growth model to incorporate two facts: (i) the economy accumulates waste as well as capital (wealth), and (ii) the economy recycles part of waste and turns it into a factor of production. The salient feature of our model is that consumption as well as investment contributes to capital accumulation. We focus on the anatomy of the steady state, showing among others: (i) both wealth and GDP are decreasing in the unit cost of recycling waste, (ii) an increase in total factor productivity always raises the stock of waste, and (iii) the economy's waste stock need not lower than an otherwise identical economy but without waste recycling. We also conduct quantitative analysis.
