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The Economics Of Natural Resource Scarcity And Implications For Development Policy And International Cooperation

Author

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  • Edgar L. Feige

    (University of Wisconsin-Madison)

  • David M. Blau

    (University of Wisconsin-Madison)

Abstract

This paper analyses the problem of natural resource scarcity and its implications for economic development and international cooperation. We examine the meaning and measurement of resource “scarcity” and its implications for economic growth and development. The paper describes the conditions required for the efficient use of exhaustible natural resources and for optimal inter-temporal efficient paths and considers the consequences of uncertainty, risk, externalities, disequilibria and institutional constraints on the market’s ability to achieve efficient resource utilization. Particular attention is paid to the implications of the cartelization of natural resource industries and the disturbing tendency to use political rather than economic motivations as the basis for resource production and distribution decisions. Reference: Resources and Development: Natural Resource Polices and Economic Development in an Interdependent World. P. Dorner and M.A.El- Shafie (eds), University of Wisconsin Press, 1980

Suggested Citation

  • Edgar L. Feige & David M. Blau, 2005. "The Economics Of Natural Resource Scarcity And Implications For Development Policy And International Cooperation," Others 0501004, EconWPA.
  • Handle: RePEc:wpa:wuwpot:0501004 Note: Type of Document - pdf; pages: 40
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    More about this item

    Keywords

    Natural resource scarcity; cartels; OPEC; energy prices; economic development; non-renewable resources; efficiency;

    JEL classification:

    • Q3 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation
    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • L41 - Industrial Organization - - Antitrust Issues and Policies - - - Monopolization; Horizontal Anticompetitive Practices
    • D6 - Microeconomics - - Welfare Economics
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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