NATIONAL ACCOUNTING FOR NON‐RENEWABLE NATURAL RESOURCES IN THE MINING INDUSTRIES*
J. Landefeld and
James Hines ()
Review of Income and Wealth, 1985, vol. 31, issue 1, 1-20
This paper discusses alternatives to current national accounting procedures for non‐renewable natural resources in the mining industries. Three alternative approaches to valuing the discovery and use of these resources are compared and alternative estimates for U.S. oil and gas for the period 1948‐79 are presented. The focus is on the conceptual and empirical difficulties associated with valuing non‐renewable natural resources.
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