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Economics of Production from Natural Resources

In: Classic Papers in Natural Resource Economics

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  • Vernon L. Smith

Abstract

This paper attempts to provide a unified theory of production from natural resources. A single model of an industry is used to describe a dynamic process of recovery from such technologically diverse resources as fish, timber, petroleum, and minerals. Recovery from each of these resources is seen as a special case of a general model, depending upon whether the resource is replenishable, and on whether production exhibits significant externalities. A model of centralized management, with particular reference to “common property” resources, such as fisheries, under stationary conditions, is also discussed and compared with competitive recovery in the stationary state.

Suggested Citation

  • Vernon L. Smith, 1974. "Economics of Production from Natural Resources," Palgrave Macmillan Books, in: Chennat Gopalakrishnan (ed.), Classic Papers in Natural Resource Economics, chapter 13, pages 279-303, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-52321-0_14
    DOI: 10.1057/9780230523210_14
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