Abstract
With a dynamic economic theoretical model, one can say that the value of natural resource involves not only a temporal productivity but also iterated usage values (recycling) from here on. However in the real world, price of natural resources is apt to represent only the former one, so excess usage of natural resource compared with recycled ones can occur easily. Then, do the recent policies and institutions related with Circulated Society have solved such a problem and improved productivity of industries? This study aims at answering adequately such a question with estimating production functions of paper-pulp industry. As a result, it is shown that the price of virgin pulp is nearby value of marginal pmductivity (MPV), and be judged as stayed in excess usage level. In contrast, for some recycled paper-pulps, MPV is much higher than the level of the market price. Moreover, such a tendency seems not to change during the periods of analytical covered here and of several related policies implemented.
