Summary Introduction to Natural Resource Economics

Introduction to Natural Resource Economics. Introduction to Natural Resource Economics 1. What is natural resource economics? 2. Do we use natural resources optimally? 3. If not optimal, what can be done? 4. Benefits and costs of natural resource use 5. Some big issues 5.1 Energy 5.2 Energy and environment 5.3 Depleted ocean fisheries 5.4 Forest management/deforestation 5.5 Protecting biodiversity 6. Natural resources, economic activity and human welfare 7. Human values for nature 8. Modeling natural resource services 2 Introduction to Natural Resource Economics 1. What is Natural Resource Economics? Economics is a study of decision making by consumers, firms, government agencies, and other entities (e.g., non-profit conservation organizations). The goals of economics are to understand what motivates particular decisions, to predict how agents will behave in particular situations, to judge the social value of economic outcomes, and to design public policies when we think it is appropriate. Natural Resource Economics is the study of agents’ decisions concerning natural resources. We are mainly concerned with whether these choices are ‘optimal’, and if they aren’t, how we can design public policies to achieve better outcomes.