Developments in the economic theory of non-renewable resources: implications for policy

Journal Article · Sun Jan 01 04:00:00 EST 1978 · Harvard Env. Law Review; (United States)

OSTI ID:5492973

Williams, R I

Because the issues involved in economic and environmental conflicts are so complex, decision-makers are relying increasingly on economic analyses to resolve the conflicts. The classic view of exhaustible resource economics is presented. Recent economic literature on the economic effects of tax programs, governmental regulation, and the failures of the free market seem to indicate that today's economy is biased toward overrapid depletion of non-renewable resources. The exact nature of this bias and remedies for it are not yet well understood. The achievement of socially optimal depletion rates of non-renewable resources on a national level should be a major governmental goal. To the extent that the market can optimally allocate these resources, the government should ensure that the market operates efficiently. To the extent that the market fails to provide optimal allocation, the government should provide alternative allocative devices that will replace the market mechanism. (numerous references)

• Research Organization: Harvard Univ Law School
• OSTI ID: 5492973
• Journal Information: Harvard Env. Law Review; (United States), Journal Name: Harvard Env. Law Review; (United States) Vol. 2
• Country of Publication: United States
• Language: English

Related Subjects

29 ENERGY PLANNING, POLICY, AND ECONOMY
290400* -- Energy Planning & Policy-- Energy Resources
ALLOCATIONS
DECISION MAKING
ECONOMIC IMPACT
ECONOMIC POLICY
ENVIRONMENTAL IMPACTS
ENVIRONMENTAL POLICY
GOVERNMENT POLICIES
RECYCLING
RESOURCE CONSERVATION