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Capital Gains and Income Arising from Nonrenewable Resources

机译：不可再生资源带来的资本收益和收入

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Should capital gains be included in income arising from nonrenewable resources? In the present paper, I show that capital gains from a nonrenewable resource can be divided into two terms: real price change effects and real interest rate change effects. By application of sectoral income theory developed by Asheim and Wei (Environ Res Econ 42:65-87, 2009), only the former term is part of real income of the resource and the latter term should not be included. This result is significant in the sense that all change in real resource wealth can be included as part of real income only if future real interest rates are assumed to be constant. Hotelling rule always implies that capital gains from nonrenewable resources coincide with real interests on resource wealth; net investment generated from the resource cancels out current cash flow from the resource; and real income comes from price change effects.
机译：资本收益是否应计入不可再生资源产生的收入中？在本文中，我证明了不可再生资源的资本收益可以分为两个术语：实际价格变动效应和实际利率变动效应。通过应用Asheim和Wei（Environ Res Econ 42：65-87，2009）开发的部门收入理论，只有前一项是资源实际收入的一部分，而后一项则不应包括在内。该结果意义重大，因为只有假设未来的实际利率不变，才可以将实际资源财富的所​​有变化都包括在实际收入中。旅馆定律总是意味着不可再生资源的资本收益与资源财富的实际利益是一致的。该资源产生的净投资抵消了该资源的当前现金流量；实际收入来自价格变化的影响。

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