Aims: To provide a rigorous account of the modern economic analysis of natural resource use and of sustainable development.
Learning Outcomes:
To be able to critically appraise the theoretical models and empirical procedures used by economists to examine the time path of extraction and associated prices of natural resources;
To have sufficient skill to begin to empirically model the usage of a natural resource;
To be able to critically appraise and compare the analyses of sustainable development constructed by economists and others;
To have sufficient skills to begin to empirically model the sustainability of an economy.
Skills:
Ability to develop rigorous arguments through precise use of concepts and mathematical models (Taught/Facilitated/Assessed).
Ability to select, summarise and synthesis written information from multiple sources (T/F/A).
Ability to select and use appropriate ideas to produce a coherent response to a pre-set question (T/F/A).
Comprehensive and scholarly written communication (T/F/A).
Concise and effective written communication (e.g. briefings / written exams) (T/F/A).
Effective oral communication (e.g. lecture question and answer) (F).
Ability to apply theory to policy areas (T/F/A).
Content:
Introduction to the economics of exhaustible and renewable natural resources. Sustainable development: definitions and analysis: the Hartwick rule etc. Global problems, analysis and policy: climate change, bio-diversity. More complex models of resource use: alternative market structures, multi-species, etc. Integrating environmental and natural resources into formal growth models. Green national income accounting, sustainability indicators and the limits to growth debate.
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