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Principles of Resource Economics


Course Description

Basic theoretical concepts and analytical tools necessary to evaluate resource use, allocation, and policy. Emphasis is placed upon theoretical applications to natural, rural, and agricultural resources which impact both public sector and private sector economic activities.


Athena Title

Resource Economics


Equivalent Courses

Not open to students with credit in ENVM 2060, ENVM 3060E


Prerequisite

AAEC 2580 or AAEC 2580E or ECON 2106 or ECON 2106E or ECON 2106H


Semester Course Offered

Offered spring


Grading System

A - F (Traditional)


Course Objectives

The overall purpose of this course is to provide students with conceptual insight, problem-solving skills, and general knowledge needed to better analyze and solve natural resource use issues and problems from an economic perspective which recognizes the important linkages between economic, environmental, and ethical systems. Applications we will discuss include nonrenewable resource use, renewable resource use, land and water resources, environmental pollution, conservation, and investment and business concerns. Specific objectives of this course are to: 1) provide students with a basic understanding of ecological concepts and environmental systems and how these systems provide natural resources of use and value to people; 2) provide students with understanding and ability to model how economic systems allocate and use natural resources in economic production and consumption; 3) provide students with a working knowledge of basic environmental ethics concepts; 4) address the consequences of human activity on local, regional, and global natural systems; and 5) provide students with training and practical experience integrating ecology, economics and ethics to analyze and solve "real world" natural resource and environmental problems.


Topical Outline

I. Introduction - What are the general linkages between economic and environmental issues and problems? II. Resource Supply and Scarcity - How does a healthy environment supply natural resources and how do we monitor scarcity? III. Economic Efficiency - How does a healthy economy allocate natural resources to economic production and consumption? IV. Criteria for Resource and Environmental Policy - How do we evaluate environmental resource policies and programs? V. Market Failure and Inefficiency - What could cause the free market to use and allocate environmental resources in an economically inefficient manner? VI. Benefit-Cost Analysis (BCA) - How do we determine whether or not an environmental resource policy or project is economically feasible? VII. Nonrenewable Resource Management – What is the optimal use and management of exhaustible, nonrenewable resources over time? VIII. Renewable Resource Management – What is the optimal use and management of renewable resources over time? IX. Conservation, Preservation, Sustainability and Environmental Ethics - What are the relationships between the economics and ethics of resource conservation, preservation and sustainability?


General Education Core

CORE V: Social Sciences

Syllabus