Natural Resource Economics
No of credits: 4
Type of course: Optional
Course scheduling: Monsoon Semester
Course Instructor: Alokesh Barua

Course Description:

The course on Natural Resource Economics primarily deals with the problems associated with the exploitation of Natural Resources within a broader framework of Environmental Resource Economics. The analytical tools consist mainly of the application of the standard micro economic principles and the methods of dynamic optimization. It is assumed that the students have reasonable knowledge of these tools. The topics to be covered will be as under:

• Distinctive Features of Environmental and Natural Resources                    
• Causes - Externalities, Market Failures and Common Property Rights
• Problems of Renewable Resources – Fishery, Forestry and Ground Water
• Non-Renewable Resource Extraction and Market Structure
• Exhaustibility, Economic Growth and Sustainability
• International Trade and Renewable/Non-Renewable Natural Resources
• Measurement of NNP and Green Accounting

Requirement and Evaluation:

• Attendance in two weekly classes
• One term paper
• Seminar presentation
• Mid-semester examination
• End-semester examination

Recommended Texts:

• Economic Theory and Exhaustible Resources - P. S. Dasgupta and G. M. Heal
• Natural Resource Economics: Notes and Problems - J. Conrad and C. Clarke
• Environmental Economics: In Theory and Practice by Nick Hanley, Jason F. Shogreen   and Ben White
• Economics of Natural Resources and Environment by D. W. Pearce and R. K. Turner.
• Control of Resources by P. S. dasgupta