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Natural Resources as Capital

Author

Listed:
  • Karp, Larry

    (University of California, Berkeley)

Abstract

This introduction to natural resource economics treats resources as a type of capital; their management is an investment problem requiring forward-looking behavior within a dynamic setting. Market failures are widespread, often associated with incomplete or nonexistent property rights, complicated by policy failures. The book covers standard resource economics topics, including both the Hotelling model for nonrenewable resources and models for renewable resources. The book also includes some topics in environmental economics that overlap with natural resource economics, including climate change. The text emphasizes skills and intuition needed to think about dynamic models and institutional remedies in the presence of both market and policy failures. It presents the nuts and bolts of resource economics as applied to nonrenewable resources, including the two-period model, stock-dependent costs, and resource scarcity. The chapters on renewable resources cover such topics as property rights as an alternative to regulation, the growth function, steady states, and maximum sustainable yield, using fisheries as a concrete setting. Other, less standard, topics covered include microeconomic issues such as arbitrage and the use of discounting; policy problems including the “Green Paradox”; foundations for policy analysis when market failures are important; and taxation. Appendixes offer reviews of the relevant mathematics. The book is suitable for use by upper-level undergraduates or, with the appendixes, masters-level courses.

Suggested Citation

  • Karp, Larry, 2017. "Natural Resources as Capital," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262534053, April.
    • Handle: RePEc:mtp:titles:0262534053
    as

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    Citations

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    Cited by:

    1. Berry, Kevin & Fenichel, Eli P. & Robinson, Brian E., 2019. "The ecological insurance trap," Journal of Environmental Economics and Management, Elsevier, vol. 98(C).
    2. Roberto Ferreira da Cunha & Antoine Missemer, 2020. "The Hotelling rule in non‐renewable resource economics: A reassessment," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 53(2), pages 800-820, May.
    3. Yukiko Hashida & Eli P. Fenichel, 2022. "Valuing natural capital when management is dominated by periods of inaction," American Journal of Agricultural Economics, John Wiley & Sons, vol. 104(2), pages 791-811, March.

    More about this item

    Keywords

    economics; environment; environmental; investment; market; management; analysis; dynamic models; policy; failure; theory; microeconomics; non-renewable resources; renewable resources; fisheries; economic modelling; welfare economics; equilibrium condition; resource constraint; climate; climate change; green paradox; market failure; cap and trade; fossil fuels; extraction; tax; property rights; fishing; regulation; subsidies; sustainable; sustainability; biomass; resource policy; water economics; natural resource; carbon cost; Pigouvian tax;
    All these keywords.

    JEL classification:

    • M2 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics
    • Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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