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Questions tagged [resource-economics]

Natural resource economics deals with the supply, demand, and allocation of natural resources.

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1answer
35 views

What's an example of a resource, raw material that has become scarce?

I'm interested in the elasticity price demand that predicts that as a resource becomes more scarce, it gets more expensive. Regarding oil price this isn't clear. Is there an example of a resource ...
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5answers
2k views

The supply and demand of Virtual Products

We know that the fundamental economic problem is scarce resources relative to unlimited wants. **Does this apply to apps and Ebooks?**They are essentially virtual products who have in theory have ...
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2answers
60 views

What are exactly considered resources in modern economics?

I'm taking a basic course in economics and I'm trying to understand what the term "resources" really mean in this context. Reading this article, I found out that in classical economics, resources are ...
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0answers
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Optimal population allocation layout over the Earth

Does exist some model of optimal people occupancy over whole our planet? Something accounting for climate, resources (with and without existing settlements) availability, progress and grows ...
2
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1answer
79 views

Hotelling rule and the shadow prices in a peg

Hotelling rule states that at equilibrium $$\frac{\dot p(t)}{p(t)} = i$$ Meaning that rate of change of the price at time $t$ should be equal to $i$, the interest rate. Assume that the government ...
5
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1answer
109 views

Allocative efficiency — correlation between MB and p in populace with wealth inequality

I was reading a paragraph in an economics textbook that was talking about resource allocation, and felt that it missed an important point, leading to a conclusion that I disagreed with. I was hoping ...
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3answers
1k views

Can the stock market show indefinite exponential growth?

In a comments on a question on money.SE, the following dialog took place: Eventually there will not be enough matter to represent all the money, so we know for certain that the answer is "No" for a ...
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1answer
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Is there anything wrong with the idea that resource depletion causes recessions? [closed]

Just wondered if anyone has considered this. And any problems with the idea. Such as another theory.
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1answer
202 views

Constant Returns in a Production Function $\frac{Y}{L}=\left(\frac{K}{L}\right)^{\alpha}\left(\frac{R}{L}\right)^{\beta}$ ($R$ = Resource)

In his 1977 article (from which has developed a considerable literature on the Hartwick Rule for maintaining long-term constant consumption given depletion of non-renewable natural resources), ...
5
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1answer
159 views

Extraction and royalty time path for a non-renewable resource under a monopolist assumption

I am trying to understand the time path of extraction and royalty (price) for a non-renewable resource under a monopolist framework. The problem is that in the main books on environmental/resource ...
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3answers
379 views

Interpretation of the growth rate of consumption in a simple one-good model

In Perman et al. "The efficient and optimal use of natural resources" it is presented a simple single-good model of welfare dynamic optimisation with non-renewable natural resource where: Obj: $$ max ...
3
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1answer
95 views

If Y=K+C, why the value of a marginal unit of capital is the same of the value of a marginal unit of output?

In a simple model of welfare dynamic optimisation with non-renewable natural resource where: $$ \dot S_t = -R_t $$ $$ \dot K_t = Q(K_t,R_t)-C_t $$ one of the first order condition is that $P_t=\...
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2answers
298 views

How helpful is Hotelling's Rule in determining the price of oil?

After posting this question, I realized that there was quite a bit of controversy surrounding the use of Hotelling's Rule to estimate the price of oil. Participants on this site seemed to be evenly ...
3
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1answer
105 views

Definition: Extractive Goods (Comtrades HS-Categorization)

I'm currently writing a paper on China in Africa and I'd like to compare Africas Exports to China with its exports to Europe and the USA. More specifically I'd like to find out if the Exports to China ...
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4answers
4k views

Is Malthusian theory of population growth being realized?

You probably are familiar with Malthus' Theory of Population Growth. If you are not, Malthusian model has the following mathematically form: $$P(t) = P_0e^{rt}$$ A basic graphic representation is: ...
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1answer
61 views

Australia and Saudi Arabia - Structural Similarities

I refer specifically to this article in which Andrew Critchlow paints a pretty dire view of the Australian economy. The line which challenged my priors was: ...
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3answers
101 views

What oil price will minimise new resource extraction?

A higher oil price would increase incentives to develop new oil resource extraction, but it also increases the competitiveness of sustainable energy sources. Conversely, a low oil price might mean ...
12
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5answers
822 views

What are is the reasoning behind the sharp fall of oil prices starting in mid 2014?

Things I have considered: Poor economic conditions around the world could have caused an unpredicted decrease in demand. The resulting surplus has begun driving prices down. This could be ...
3
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1answer
150 views

Oil as a function of GDP

In Mankiw, N. (2012). Principles of Macroeconomics (6th ed.)., on pg 456 Mankiw says "The amount of oil used to produce a unit of real GDP has declined about 40 percent since the OPEC shocks of the ...
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1answer
634 views

How successful will OPEC's predatory dumping strategy be?

Since the fracking industry in the US has started to grow rapidly, I have heard increasing reports that OPEC is attempting some form of predatory dumping in the hopes of making the fracking industry ...
7
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3answers
611 views

What is the impact of fracking on oil prices?

I read an article about the recent fall of gas prices in the US claiming that the fall in gas prices was due to the expansion of fracking within the US. The article said that, over the past few ...