Economics of Production from Natural Resources

Vernon Smith ()

Chapter 13 in Classic Papers in Natural Resource Economics, 1974, pp 279-303 from Palgrave Macmillan

Abstract: Abstract This paper attempts to provide a unified theory of production from natural resources. A single model of an industry is used to describe a dynamic process of recovery from such technologically diverse resources as fish, timber, petroleum, and minerals. Recovery from each of these resources is seen as a special case of a general model, depending upon whether the resource is replenishable, and on whether production exhibits significant externalities. A model of centralized management, with particular reference to “common property” resources, such as fisheries, under stationary conditions, is also discussed and compared with competitive recovery in the stationary state.

Keywords: Renewable Resource; Sustainable Yield; Resource Stock; Industry Output; Sole Owner (search for similar items in EconPapers)
Date: 1974
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-52321-0_14

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DOI: 10.1057/9780230523210_14

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