Pricing the limits to growth from minerals depletion

This paper evaluates the loss of global welfare from exhaustion of nonrenew able resources, such as oil. The underlying methodology represents an empir ical application of some recent developments in the theory of green account ing and sustainability. The paper estimates that the world loses the equiva lent of about 1 percent of final consumption per year from finiteness of th e earth's resources, compared with a counterfactual trajectory where global extraction of minerals is allowed to remain forever constant at today's fl ow rates and extraction costs.