Natural Resource Economics (373-CN-64)
Instructors
Mark P Witte
Mark Witte is a Professor of Instruction and the Director of Undergraduate Studies for economics at Northwestern. While completing his Ph.D., Mark worked as a researcher for the Federal Reserve. His specialties are macroeconomics, public finance, and environmental economics. He often teaches Introduction to Macroeconomics as well as upper-level classes in his specialities, and enjoys teaching 311 because it helps him be ready for his role as coach of Northwestern’s Federal Reserve Challenge Team.
Meeting Info
University Hall 101: Tues 6:15PM - 9:15PM
Overview of class
In the basic model of a production economy, strong social demand for a good can be met by producing more. This framework falls short when the good in question is a naturally occurring resource. Resource economics introduces natural limits on what inputs society has at its disposal, and considers the critical role that property rights institutions and policy can play in their management, from developed countries to developing countries. Using tools of microeconomics and some econometrics, this course will define and examine both static and dynamic resource models in terms of economic efficiency. We will also discuss the strengths and weaknesses of methods used by economists and policy-makers to place dollar values on environmental amenities for the purpose of benefit-cost analysis.
Registration Requirements
Prerequisites: ECON 281, ECON 310-A, ECON 310-B. May not be audited.