Natural Resource Economics

Natural Resource Economics is a specialized field that applies economic theory to the management and use of the earth's natural endowments, such as minerals, forests, fisheries, water, and land. It focuses on how societies can make optimal decisions regarding the allocation and extraction of these resources over time, balancing present needs with future sustainability. This sub-discipline analyzes the unique challenges posed by both renewable and non-renewable resources, including issues of property rights, market failures like the tragedy of the commons, the valuation of non-market environmental assets, and the development of policies that promote efficient and equitable resource use for current and future generations.

1. Introduction to Natural Resource Economics
   1. Defining Natural Resources
      1. Economic Definition of Natural Resources
      2. Ecological Definition of Natural Resources
      3. Comparison of Economic vs Ecological Perspectives
   2. Types of Natural Resources
      1. Biotic Resources
         1. Living Organisms
         2. Biological Systems
         3. Genetic Resources
      2. Abiotic Resources
         1. Mineral Resources
         2. Energy Resources
         3. Land Resources
   3. Classification by Renewability
      1. Renewable Resources
      2. Non-Renewable Resources
      3. Conditionally Renewable Resources
   4. The Economic Problem of Scarcity
      1. Nature of Scarcity in Resource Economics
      2. Scarcity and Choice
      3. Opportunity Cost in Resource Allocation
      4. Trade-offs in Resource Use
   5. Relationship to Environmental Economics
      1. Overlap Between Fields
      2. Distinctions Between Fields
      3. Focus on Resource Extraction
      4. Focus on Environmental Protection
      5. Integration with Ecological Economics
   6. Historical Development of Resource Economics
      1. Pre-Industrial Resource Use Patterns
      2. Industrial Revolution Impact
      3. Modern Resource Consumption Trends
      4. Evolution of Economic Thought on Resources
   7. Key Concepts in Resource Economics
      1. Efficiency
         1. Allocative Efficiency
         2. Productive Efficiency
         3. Dynamic Efficiency
      2. Equity
         1. Intragenerational Equity
         2. Intergenerational Equity
         3. Distributional Justice
      3. Sustainability
         1. Definitions of Sustainability
         2. Dimensions of Sustainability
         3. Weak Sustainability
         4. Strong Sustainability
      4. Intertemporal Allocation
         1. Time Dimension in Resource Use
         2. Trade-offs Over Time
         3. Present vs Future Consumption