Knowra Natural resource economics Natural resource economics Natural resource economics studies how people allocate, use, and conserve renewable and nonrenewable resources, including the effects of scarcity, property rights, and environmental change.
Hotelling's rule : A result describing how the net price of an exhaustible resource should change over time under competitive extraction. It links a finite resource stock to the opportunity cost of extracting it now rather than later.
Fisheries economics : The economic analysis of fishing, fish stocks, and the institutions governing harvest. Fishery models connect harvest incentives with biological growth and stock collapse.
Weak sustainability : A sustainability approach that permits losses of natural capital when other forms of capital compensate for them. It treats substitution as a possible route to maintaining overall wealth despite resource depletion.
Resource curse : The tendency for countries rich in natural resources to experience weaker economic or institutional outcomes than expected. Resource rents can reshape governance and development rather than automatically producing broad prosperity.
Common-pool resource : A resource from which exclusion is difficult and whose use by one person reduces what remains for others. Shared access can drive overuse when individual incentives ignore costs imposed on other users.
Forestry economics : The study of the production, management, and valuation of forests and forest products. Forest rotations and timber markets illustrate choices between current harvest and future growth.
Strong sustainability : A sustainability approach that holds some natural capital to be non-substitutable and essential to human welfare. It challenges economic models that assume technology or built capital can replace ecological systems.
Dutch disease : An economic pattern in which a resource boom appreciates a country's currency and weakens other tradable industries. Boom-driven shifts in prices and labor can make extraction crowd out other sectors.
Property rights : Legally or socially recognized claims that determine who may use, control, or transfer a resource. Rights shape incentives to extract, invest in, and conserve natural assets.
Energy economics : The study of how energy is produced, traded, priced, and consumed. Energy markets are a major setting for analyzing exhaustible fuels, substitution, and resource rents.
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