ECON 272
Natural Resource Economics
- Catalog Entry
Economics 272. Natural Resource Economics
Three hours lecture (3).
Prerequisites: Economics 105 and 106.
Semester offered: Fall or Spring
Analysis of the development, conservation, and preservation of natural systems, mineral and energy resources.
- Detailed Description of Content of the Course
Alternative definitions of natural resources are introduced. Alternative views on the role of natural resources in economic growth are presented. Definitions of efficiency are developed, including dynamic efficiency. Methods of economic analysis are developed and refined for application to various types of natural resources. This includes analysis of various forms of market failure. The types of resources included are depletable, recyclable, and renewable resources. The sustainability of current patterns of resource use is investigated.
Topic Outline
1. Introduction to Natural Resources
a. Definitions of natural resources
b. Sustainability of resource use
2. Economic Criteria for Natural Resource Use
a. Static efficiency
b. Dynamic efficiency
c. Market failure in resource allocation
d. Efficient intertemporal allocations
e. Evaluating non-market benefits
3. Economics of Depletable Resources
a. Energy resources
b. Minerals
c. Water
4. Economics of Renewable Resources
a. Forests
b. Fisheries
5. Economics of Growth
a. Growth in a finite environment?
b. Future economic growth?
- Detailed Description of Conduct of the Course
The following strategies will be employed:
- Lectures, video presentations, discussions, oral presentations by students.
- Goals and Objectives of the Course
1. Introduction to the concepts and process of dynamic optimization.
2. Develop understanding of development, preservation, and conservation of renewable resources.
3. Develop understanding of economic scarcity, exhaustion and substitution of non-renewable resources.
- Assessment Measures
Tests, homeworks, presentations, attendance, and class participation. Grades and percentages will depend on individual professor.
- Other Course Information
- Review and Approval
Date Action Reviewed by
December 2004 Made alterations to syllabus N. Hashemzadeh, Chair |