Natural Resource Economics: An Introduction

Campbell, H. F. (1999) Natural Resource Economics: An Introduction. Discussion Paper No. 259, Department of Economics, The University of Queensland.

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Author Campbell, H. F.
Title Natural Resource Economics: An Introduction
School, Department or Centre Department of Economics
Institution The University of Queensland
Report Number Discussion Paper No. 259
Publication date 1999-07-01
Subject 340202 Environment and Resource Economics
340201 Agricultural Economics
Abstract/Summary Natural resouce economics is mainly concerned with the efficient use of natural resource stocks, such as mineral and energy deposits, fish stocks, forests and other land areas, air and water resources. Because of the public good nature of these stocks, and their associated service flows, the competitive market cannot be relied on to use these resources efficently. In the absence of public intervention, the consequences of inefficient resource use are all too familiar - overfishing, overcutting the forests, misuse of mineral and energy reserves, loss of environmental assets and pollution. This paper argues that the standard microeconomics tools of analysis can be used to generate static and dynamic conditions of efficient natural resource use. Hoever in modelling resource use, the various characteristics of the resource should be taken into account. Section 2 considers the role of natural resources as either final demand goods or intermediate goods, and suggests that the standard theories of demand and supply can be used to analyse the economics of natural resource use.
Keyword natural resources
economics
public good
efficiency

Document type: Department Technical Report
Collection: Discussion Papers (School of Economics)
 
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