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Essays in the Economics of Exhaustible Resources - 1st Edition - ISBN: 9780444867919, 9781483294957

Essays in the Economics of Exhaustible Resources, Volume 150

1st Edition

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Editors: N.V. Long M.C. Kemp
eBook ISBN: 9781483294957
Imprint: North Holland
Published Date: 1st January 1984
Page Count: 256
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Table of Contents


Part I: Introduction

Essay 1 The State of the Art

Part II: The Problem of Survival

Essay 2 The Problem of Survival: A Closed Economy

Essay 3 The Problem of Survival: An Open Economy

Part III: The Optimal Order of Exploitation

Essay 4 Towards a More General Theory of the Order of Exploitation of Non-Renewable Resource-Deposits

Essay 5 The Optimal Order of Exploitation of Deposits of a Renewable Resource

Essay 6 On the Transition from an Exhaustible Resource-Stock to an Inexhaustible Substitute

Essay 7 On the Development of a Substitute for an Exhaustible Natural Resource

Essay 8 The Optimal Restriction of Resource Imports and the Optimal Investment in Capacity for Substitute Production

Part IV: The Economics of Forests and Fisheries

Essay 9 On the Economics of Forests

Essay 10 On the Economics of International Fisheries

Essay 11 Oligopolistic Extraction of a Common-Property Resource: Dynamic Equilibria

Part V: Exhaustible Resources and Welfare Economics

Essay 12 The Efficiency of Competitive Markets in a Context Of Exhaustible Resources

Essay 13 Optimal Taxation and Economic Depreciation: A General Equilibrium Model with Capital and an Exhaustible Resource

Author Index

Subject Index


Contributions to Economic Analysis, 150: Essays in the Economics of Exhaustible Resources focuses on the processes, principles, methodologies, and approaches involved in the economics of exhaustible resources.

The selection first elaborates on the problem of survival, towards a more general theory of the order of exploitation of non-renewable resource-deposits, and the optimal order of exploitation of deposits of a renewable resource. Discussions focus on optimal trajectory, stable locus, assumptions and formulation, set-up costs and flow fixed costs, possibility of storage, costly extraction of deposits, and technical progress. The text then examines the transition from an exhaustible resource-stock to an inexhaustible substitute and the development of a substitute for an exhaustible natural resource, including dispersed ownership of the resource, social optimum, and single monopoly of the resource and its substitute.

The manuscript takes a look at optimal taxation and economic depreciation, efficiency of competitive markets in a context of exhaustible resources, and oligopolistic extraction of a common-property resource. Topics include rational-expectations equilibrium, implausibility of the assumption of competition, second-best taxation and the undesirability of the economic depreciation rule, and the effect of other taxes.

The selection is a valuable reference for researchers interested in the economics of exhaustible resources.


No. of pages:
© North Holland 1984
1st January 1984
North Holland
eBook ISBN:


@qu:This book contains a collection of thirteen essays in natural resource economics, all except two of which are written in the concise proposition and proof style of formal economic journals. Having been selected and in several cases written by Murray C. Kemp and Ngo Van Long, it is not surprising that they feature a high standard of formal rigour and a challenging complexity of the issues discussed. @source: Ernst Mohr in Economica, 1986 @qu:In summary, this book contains some interesting and insightful essays on the economic theory of exhaustible (and renewable) resources It should be of considerable interest to economists working in the area of natural resources. @source: Robert S. Pindyck in The Economic Record, 1985

Ratings and Reviews

About the Editors

N.V. Long

M.C. Kemp

Affiliations and Expertise

The University of New South Wales, Kensington, Australia