MSC 491Q: Natural Resource Economics

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MSC 491QNatural Resource Economics

• David Letson
• Marine Affairs/Economics
• University of Miami

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Welcome to MSC 491!
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Main Points

• How do I reach him?
• Do I really want to take this class?
• What does he do?
• Other questions?

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How to reach me

• Office Hours TR, 11am-noon in Cox 160.
• 305 - 421- 4083
• dletson_at_rsmas.miami.edu
• http//mscserver.cox.miami.edu/msc491/msc491.html

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Yes, economics belongs here.
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Course Description

• Economics of national, international and global
  environmental problems
• Sustainable development
• Use conflicts causes, consequences

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Objectives

• General goal Critical appreciation of economics
  as applied to natural resources
• Specific goals
• non-market valuation,
• economics of sustainability,
• regulation, and
• international trade and the environment

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Requirements and Grading

• Three tests 30 each.
• Feb 15, March 27 April 26
• Last years tests online on reserve
• Classroom participation 10
• Economics is not a spectator sport.

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University Honor Code No Kidding
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Reading Materials

• Tom Tietenberg. Environmental and Natural
  Resource Economics. 7th ed. Addison Wesley
  Longman, 2006.
• RFF Reader in Environmental and Resource
  Management. 2006. W. Oates, ed. 2nd edition.
  Resources for the Future.
• Papers on reserve at Richter Library.
• Stay current
• The Economist
• Environment

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Course Outline

• Economic Growth and Sustainability
• Non-market Valuation
• Economic Policy Instruments
• Renewable and Exhaustible Resource Economics
• The International Setting

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Economic Growth and Sustainability

• What is sustainability? When is growth
  sustainable?
• How do economists view natural resources?
• What are some of the basic principles of
  economics?

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A Word About the Rational Choice Model
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Non-market Valuation

• What values do we have for natural resources?
• Are prices the same as values?
• Does anyone believe non-market valuation?
• Do marine resources pose problems?

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Economic Policy Instruments

• Pollution, economically speaking
• Efficient regulation?
• How about incentives?

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Renewable Exhaustible Resource Economics

• How fast should we use them?
• How does technical innovation reduce scarcity?
• How does abundance influence development?

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The International Setting

• Do rich nations consume too much?
• Is globalization bad for the environment?
• Global problems climate change, biodiversity
  loss
• How is trade good for the environment?

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We May Occasionally Get Technical
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Welcome to MSC 491Q.

• Office Hours TR, 11am-noon in Cox 160.
• 305 - 421- 4083
• dletson_at_rsmas.miami.edu
• http//mscserver.cox.miami.edu/msc491/msc491.html