Title: Pareto optimality in the extraction of fossil fuels and the greenhouse effect
Description: "This note generalizes the Solow-Stiglitz efficiency condition for natural resources to the problem of fossil fuel extraction with a greenhouse effect.  The generalized optimality condition suggests that the greenhouse effect implies overextraction in the sense of leaving future generations a wrongly composed wealth portfolio with too few natural resources relative to man-made capital.  This judgment is independent of society's ethical preferences concerning the well-being of future generations"--National Bureau of Economic Research web site.