{"product_id":"natural-resources-as-capital-mit-press-9780262534055","title":"Natural Resources as Capital (Mit Press)","description":"\u003cp\u003eAn introduction to the concepts and tools of natural resource economics  including dynamic models  market failures  and institutional remedies. This introduction to natural resource economics treats resources as a type of capital; their management is an investment problem requiring forward-looking behavior within a dynamic setting. Market failures are widespread  often associated with incomplete or nonexistent property rights  complicated by policy failures. The book covers standard resource economics topics  including both the Hotelling model for nonrenewable resources and models for renewable resources. The book also includes some topics in environmental economics that overlap with natural resource economics  including climate change. The text emphasizes skills and intuition needed to think about dynamic models and institutional remedies in the presence of both market and policy failures. It presents the nuts and bolts of resource economics as applied to nonrenewable resources  including the two-period model  stock-dependent costs  and resource scarcity. The chapters on renewable resources cover such topics as property rights as an alternative to regulation  the growth function  steady states  and maximum sustainable yield  using fisheries as a concrete setting. Other  less standard  topics covered include microeconomic issues such as arbitrage and the use of discounting; policy problems including the Green Paradox; foundations for policy analysis when market failures are important; and taxation. Appendixes offer reviews of the relevant mathematics. The book is suitable for use by upper-level undergraduates or  with the appendixes  masters-level courses.\u003c\/p\u003e","brand":"My Store","offers":[{"title":"Default Title","offer_id":45665841348661,"sku":"ByrdShop_0262534053","price":96.72,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0627\/8139\/0901\/files\/9780262534055.jpg?v=1782409707","url":"https:\/\/atxbooks.com\/products\/natural-resources-as-capital-mit-press-9780262534055","provider":"ATX Books","version":"1.0","type":"link"}