Natural Resource Economics (373-CN-65)

Instructors

Mark Witte

Meeting Info

University Hall 121: Wed 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.

Class Attributes

Face to face: In person, in campus space