Cite JOURNAL ARTICLE
Ökonomische Theorie natürlicher Ressourcen
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 101 (1981), Iss. 3 : pp. 267–298
The paper surveys the literature and the main problems of resource economics. Concepts of measuring resource scarcity and the hypothesis of a reduced availability of resources are discussed. The implications of an optimal resource use over time are derived where the resource may be a consumption good, a factor of production or a common property resource. The problem of maintaining growth or a positive consumption level with finite resource is studied. The allocation optimum is compared to an intertemporal competitive equilibrium. The time profile of extraction is analyzed for competitive conditions if such factors as extraction costs, exploration, the discount rate, capital accumulation and demand behavior are considered. Finally, the allocation via markets is compared with allocation through political decisions.