The classical theory of value and exhaustible resources

Several post-Sra ¢ an attempts have been made to build a theory of exhaustible resources of classical inspiration. We examine the for-malisations successively elaborated by Parrinello, Schefold and Kurz & Salvadori, and show that all of them su¤er from logical inconsisten-cies. We also respond to the critiques addressed to our own approach, based on the study of a simple model with one commodity and one exhaustible resource, called the corn-guano model