Abstract 

In economies that make intensive use of environmental assets, the sustainability of natural capital is a sine qua non condition for the survival of the economic system. Exploitation and maintenance flows have to be adjusted to the equilibrium path associated with the outcome that ensures efficient stock management in an optimal inter-temporal choice problem.

Taxation can be used as a regulatory policy instrument to reinforce natural capital when faced with the problem of unpriced use. Specific indirect taxes are the ideal instrument to meet this particular need.

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