In this paper we study optimal policies for a central planner interested in maximizing utility in
an economy driven by a renewable resource. It is shown that the optimal consumption path
is sustainable only when the intrinsic growth rate of the resource is greater than the social
discount rate. The model is formulated as an infinite horizon optimal control problem. We
deal with the mathematical details of the problem, develop a precise notion for optimality
and establish the existence of optimal control at least when the condition for sustainability is …