New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here


by: Dwight Marquardt IV


Dwight Marquardt IV
GPA 3.65

Aaron Benson

Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Aaron Benson
Class Notes
25 ?




Popular in Course

Popular in Agriculture Education

This 4 page Class Notes was uploaded by Dwight Marquardt IV on Thursday October 22, 2015. The Class Notes belongs to AAEC 5308 at Texas Tech University taught by Aaron Benson in Fall. Since its upload, it has received 17 views. For similar materials see /class/226379/aaec-5308-texas-tech-university in Agriculture Education at Texas Tech University.

Similar to AAEC 5308 at TTU

Popular in Agriculture Education




Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 10/22/15
AAEC 53086308 Lecture 1 Page 1 Lecture 1 7 Subject Matter and History of Natural Resource Economics 1 Subject matter of natural resource economics 11 Concerned with the problems and issues of management of natural resources and environmental quality over time 111 How fast should stock of resources be exhausted 112 How should we trade environmental amenities for goods and services 113 What restraints should we voluntarily accept now for the bene t of future generations 12 What are natural resources 121 Factors in production or consumption that originate from nature 1211 Amenity natural resource that is consumed directly without entering the production process 122 Resources must have some value 123 Resources have quantity quality time and space dimensions 13 Natural resources as a capital asset 131 NR can be intermediate goods that provide value in production over more than one period e g mineral deposits oil reserves forests fisheries 14 Two central problems or themes in natural resource and environmental economics 141 Intertemporal allocation of resources 142 Market failure 15 Uses of natural resources AAEC 53086308 Lecture 1 Page 2 151 Directly consumed 7 freshcaught fish water hunted game 152 Used in production 1521 Raw materials are embodied in final product 7 iron ore becomes steel for car body 1522 Natural resource is consumed in production process 7 coal burned to produce electricity 153 Insitu uses 7 parks wildlife refuges wilderness areas ski resorts 154 Multiple use 7 any combination of the above uses 155 Problems can arise when natural resource policy is developed without considering all possible uses ofa given resource 7 dam building in Columbia River Basin 2 History of natural resource economics discipline 21 Natural resource economics is a fairly recent subdiscipline of economics The roots of natural resource economics go back to the beginning of the study of economics however 211 Malthus 1798 Resource base land could increase to produce food production only linearly but population grows exponentially Eventually population would overwhelm ability of resource base to support it and population would crash 212 Ricardo39s 1817 Iron Law of Wages The equilibrium level ofwages is a subsistence level Humanity would over breed when times are good and food is plentiful which increases population and decreases wages until mankind reaches AAEC 53086308 Lecture 1 Page 3 subsistence level 213 William S Jevons 1865 The Coal Question Questioned the rates ofuse and depletion of nonrenewable resources Considered slowing the rate of depletion of coal reserves to conserve for the future He concluded that the optimal choice was to develop man made physical and intellectual capital by exploiting coal stocks to the expense of future generations He noted that the increase in standard of living would not be sustainable but determined that brief and true greatness was preferable to longer continued mediocrity 214 George Perkins Marsh 1865 Man and Nature Summarized environmental damage caused by intensive industrial and agricultural production in the United States 215 The late 1800 s saw a shift in economics literature towards shortrun microeconomic issues Marshall combined supply and demand in his market equilibrium model that is the basis of microeconomic theory This diverted attention from natural resource issues and other longrun economic questions The Austrian school did develop theories of investment and capital accumulation but did not apply these theories to accumulation of natural resource capital natural resources were modeled as other inputs like labor and physical capital 216 Hotelling 1931 Economics of Exhaustible Natural Resources 217 Important developments of mathematics 1950s and 60s specifically of optimal control theory 3 Readings for next lecture AAEC 53086308 Lecture 1 Page 4 31 How do Economists Really Think About the Environment Fullerton and StaVins RFF Discussion Paper 9829 1998 7 6 pages 32 Perman Ma McGilvray and Common pp 3 7 15


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Kyle Maynard Purdue

"When you're taking detailed notes and trying to help everyone else out in the class, it really helps you learn and understand the I made $280 on my first study guide!"

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.