Evaluation of natural resource adequacy: elusive quest or frontier of economic analysis

Journal Article · Fri Aug 01 04:00:00 EDT 1980 · Land Econ.; (United States)

DOI:https://doi.org/10.2307/3146032· OSTI ID:7154833

Smith, V K

Professor Smith examines the theory underlying the measurement of scarcity indices and the mechanisms through which natural-resource constraints might be relaxed. Six conclusions are drawn from the study: (1) past confidence in the increased availability of natural resources over time must be questioned; (2) economic models concerned with the implications of a narrowing resource base should be reconsidered in light of the potential importance of open access environmental resources; (3) what we know about the role of narrowly defined natural resources in existing technologies and the change in these technologies over time is primitive and at variance with several economic interpretations; (4) models seeking empirical estimates must restructure their analyses to permit the explicit treatment of endogenous adjustment rates; (5) many complex, resource-related problems may require a new, more-specified multidisciplinary approach; (6) research into the perceptions behind resource-allocation decisions is essential to economic analysis. 117 references, 4 figures, 2 tables.

• Research Organization: Univ. of North Carolina, Chapel Hill
• OSTI ID: 7154833
• Journal Information: Land Econ.; (United States), Journal Name: Land Econ.; (United States) Journal Issue: 3 Vol. 56:3; ISSN LAECA
• Country of Publication: United States
• Language: English

Related Subjects

29 ENERGY PLANNING, POLICY, AND ECONOMY
290400* -- Energy Planning & Policy-- Energy Resources
AVAILABILITY
ECONOMETRICS
ECONOMIC ANALYSIS
ECONOMIC ELASTICITY
ECONOMICS
MEASURING METHODS
RESOURCE ASSESSMENT
RESOURCE DEPLETION
RESOURCES