This course is designed to explore the economics of natural resources. Theoretical
problems and their applications with natural resources are discussed in three aspects: (1) their inherently dynamism;
(2) their prevalence of externalities and consequent market
failures; and
(3) their fundamental economic rent. The common theme in the study
of each of these resources is the optimal utilization of a resource stock over time.
The
circumstances over which the rate of natural resource exploitation in a market driven
economy will resemble the socially optimal rate and how resource use is affected by
economic and institutional factors will be examined. The concept of sustainability and
economics of sustainable development will also be analyzed.
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