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
Principles of Resource Econ
Equivalent Courses
Not open to students with credit in ENVM 2060, ENVM 3060
Non-Traditional Format
This course will be taught 95% or more online.
Prerequisite
AAEC 2580 or AAEC 2580E or ECON 2106 or ECON 2106H or ECON 2106E
Semester Course Offered
Offered summer semester every year.
Grading System
A - F (Traditional)
Course Objectives
The overall objective 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 exhaustible resource use, renewable resource use, land and water resources, environmental pollution, conservation, and investment and business concerns. A specific objective of the course is to provide students with an overview and understanding of fundamental resource economics theory. A second specific objective is to provide instruction and experience in the application of resource theory to "real world problems." A third specific objective is to increase students' awareness and appreciation of the importance of resource use, allocation, and policy to public decision-makers, as well as private individuals and firms.
Topical Outline
I. Introduction II. Resource supply and scarcity III. Economic efficiency IV. Criteria for resource and environmental policy V. Market failure and inefficiency VI. Benefit-cost analysis VII. Optimal extraction of exhaustible resources VIII. Optimal biological resource management IX. Conservation, preservation and environmental ethics
General Education Core
CORE V: Social SciencesSyllabus