Economics of Nonrenewable Resources

The economics of nonrenewable resources addresses some of the most problematic issues concerning the sustainability of the world economy. This comprehensive research review discusses some of the most important and influential journal articles by some of the leading scholars in the field. Subjects discussed include: an introduction to the economics of nonrenewable resources; theoretical foundations for the field; nonhomogeneous resources; exploration and uncertainty; market structure; taxation and global climate change. The research review concludes with a discussion of the empirical research and the extent to which nonrenewable resources constrain economic growth as well as the consistency of the theoretical predictions of Hotelling-type models with actual economic outcomes.