This paper studies an endogenous growth model with exhaustible resources, overlapping
generations and human capital externalities. In the competitive equilibrium, selfish behavior
and inefficient skills accumulation may prevent sustained growth. Implementing the
utilitarian optimum likely induces sustainability via increased knowledge formation, but
resource depletion may be faster or slower than under laissez-faire depending on the social
discount rate. Heavy (modest) social discounting delays (anticipates) the achievement of net …