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by: Caitlyn Mackenzie

Resource_Economics_Part_4___Handout.pdf FANR 1100

Marketplace > University of Georgia > FANR 1100 > Resource_Economics_Part_4___Handout pdf
Caitlyn Mackenzie
GPA 3.8

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About this Document

This is the third handout of the second section in the class. This section is called Natural Resources Economics. The material on this handout, and the past hand outs will be directly related to th...
Forestry and Natural Resources Conservation
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This 2 page Class Notes was uploaded by Caitlyn Mackenzie on Sunday August 21, 2016. The Class Notes belongs to FANR 1100 at University of Georgia taught by Wilde in Fall 2016. Since its upload, it has received 2 views.


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Date Created: 08/21/16
Natural Resource Economics: Part 4 FANR/MARS 1100 Resource Management: Three Principles  #1 Time preference o How fast you can wait for a return on your investment o Called a Planning horizon o For a farmer, the planning horizon is 1 season. o For a forester, the planning horizon is 20­100 years.  #2 Opportunity Cost o When you make a choice, you lose the opportunity to chose other things o Trees growing at 5% per year versus stock growing at 10%  #3 Discount Rate o Reducing future decisions to present dollars o How much you have to invest to get X dollars in the future Other Considerations  Prevention – don’t pollute; costs dollars  Control – capture pollutants after release; costs lots more dollars  If caught, = RISK; including fines, prison, and lawsuits Natural Capital  Ecological wealth  Examples: Soil, farm, forests, fish, all natural resources (renewable and non­renewable)  Renewable and non­renewable  Difficult to assign a value to dirt, fish, etc. Environmental Progress  Since 1970, emissions of 6 common air pollutants decreased an average of 24%.  Since 1978, average lead level in children’s blood decreases 75%.  Recovery of solid municipal waste increased from 7% (1970) to 28% (1998).  141,000 leaky underground storage tanks have been cleaned since 1990. Resource Inventories  Countries survey their natural resources and track supply to see if economic growth is  Depleting the resource.  U.S.F.S conducts 5­year and 10­year resource assessments Green Taxes  Definition: taxes or fees levied on natural resources  Paid by the producer e.g. coal mining company o raises the cost of raw materials o Encourages conservation  Levied on polluters sometimes called a pollution tax Full Cost Pricing  Definition: Pricing that reflects all the costs associated with the production of the material  For example, mining companies would pay for acid rain, acid runoff, reclamation  Rarely done! Incentives for Sustainable Development  Examples: Green taxes, full­cost pricing, subsidies and tax breaks, tradable/marketable  permits(Cap and Trade). 


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