Mineral Policy in the Era of Sustainable Development:historical context and future content

Slavko Solar (), Deborah Shields and Michael Miller ()
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Slavko Solar: Geološki zavod Slovenije, Dimiceva 14, SI-1000 Ljubljana,Slovenia
Deborah Shields: Colorado State Universtiy, Department of Economics
Michael Miller: Department of Economics, South Dakota State University

No 200902, Research Reports from South Dakota State University, Department of Economics

Abstract: The goal of public policies is to connect desired ends with practical means toward their achievement. How the desired ends are determined, and whose goals and objectives they incorporate, depends upon the culture and political system of the country in question. With few exceptions, policies change over time to reflect changed perspectives and understanding of the world around us. This is true regardless of the policy area in question. Thus, how societies view and manage their mineral resources has evolved in response to public attitudes, societal needs, economic circumstances, cultural perspectives, political orientations, technological advancements, and geological knowledge. In this paper we examine how the scope of concern has changed for mineral policy. We then review the overarching issues that have in recent years been considered essential components of mineral policies. We point out how neoclassical microeconomics has influenced recent policy design. We then use a market flow diagram to illustrate how policies can be focused at specific market issues. We next discuss mineral resources in the context of sustainable development. We identify issues that become relevant when the frame of reference is enlarged beyond ensuring supply and capturing economic rent. We show that policy based solely on neoclassical economics may not be able to effectively incorporate these issues.

Keywords: mineral policy; sustainable development; environmental economics; neoclassical economics; policy; sustainability; ecological economics (search for similar items in EconPapers)
JEL-codes: O21 Q01 Q31 Q38 Q56 Q58 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ene
Date: 2009-07

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