Mineral Economics
(Dr. Jonathan E. Snow, 4 std., Summer '98?)
Introduction
Natural resources include mineable resources such as fossil fuels and
metal ores, as well as so-called public goods such as clean water and air.
Earth scientists are frequently called upon to participate in the economic process
of resource utilization, ususally without understanding, even in the most
superficial way, how markets work and how they will tend to exploit
resources if left to themselves.
This course will be an introduction to the economic theory of natural resources
as it pertains to different kinds of markets and different kinds of resources
(both exhaustible and renewable). It will include a short introduction
to microeconomic theory (supply, demand, types of markets, maximization of profit
and utility). We will then proceed to review the neoclassical economic approach
to renewable and nonrenewable economic goods. Finally, we will move to
macroeconomic theory to explore the concept of sustainable growth and
the new science of Ecological Economics.
Audience
This course is intended for all students in Earth sciences who have an
interest in how markets actually use resources. No prior knowledge of
economic theory is necessary for this course, but it is expected that
participants have a basic grasp of geology, and willingness to try to
understand concepts expressed quantitatively.
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