Classic Papers in Natural Resource Economics Revisited is the first attempt to bring together a selection of classic papers in natural resource economics, alongside reflections by highly regarded professionals about how these papers have impacted the field. The seven papers included in this volume are grouped into five sections, representing the five core areas in natural resource economics: the intertemporal problem; externalities and market failure; property rights, institutions and public choice; the economics of exhaustible resources; and the economics of renewable resources.
The seven papers are written by distinguished economists, five of them Nobelists. The papers, originally published between 1960 and 2000, addressed key issues in resource production, pricing, consumption, planning, management and policy. The original insights, fresh perspectives and bold vision embodied in these papers had a profound influence on the readership and they became classics in the field. This is the first attempt to publish original commentaries from a diverse group of scholars to identify, probe and analyse the ways in which these papers have impacted and shaped the discourse in natural resource economics. Although directed primarily at an academic audience, this book should also be of great appeal to researchers, policy analysts, and natural resource professionals, in general.
This book was published as a series of symposia in the Journal of Natural Resources Policy Research.
'This book does great service by giving scholars a unique opportunity to read classic papers in natural resource economics side-by-side with extensive expert commentary contributing original insights on why the papers are classics, and how the papers set the agenda for future work. There is no better, or more enjoyable way, to come up to speed on the intellectual development of natural resource economics than reading this book.' - Ray Huffaker, University of Florida, USA
'Seven papers, originally published between 1960 and 2000, that address key issues in resource production, pricing, consumption, planning, management, and policy, are used as the inspiration for forty-eight additional papers that examine why these seven papers have become classics and how they have impacted and shaped the intellectual content of the field of natural-resource economics. Papers are grouped into the five core areas of naturalresource economics—the intertemporal problem; externalities and market failure; property rights, institutions, and public choice; the economics of exhaustible resources; and the economics of renewable resources. Gopalakrishnan is Professor (Emeritus) of Natural Resource Economics at the University of Hawaii. Index'. - December 2016 issue of the Journal of Economic Literature (Volume 54, no. 4) and the American Economic Association's electronic publications: e-JEL, JEL on CD, and EconLit.
'Dr. Gopalakrishnan has provided a valuable service by linking these foundational papers by pioneers in natural resource and environmental economics with a series of commentaries by contemporary authors. The range of topics is as timely today as when the papers were originally written: forest policy, exhaustible resources, externalities, market failures and tragedy of the commons. The value added of the book is the commentaries on these classic articles by leading thinkers who assess the strengths as well as the limitations of the Classic Papers. Collectively these authors provide their own insights, rebuttals to, refinements of, and extensions to the original path- breaking papers and challenges facing natural resource economists in the 21st Century.' - Dr John Loomis, Colorado State University, USA
'This book is a jewel. It contains classic works in natural resource economics and policy. Three cheers to Dr. Chennat Gopalakrishnan (Gopal) for his original and exhaustive treatment of five foundation areas of the discipline that will engage a large and growing body of readers worldwide. The five foundations are:
1. The Intertemporal Problem
2. The Problem of Social Cost
3. Property Rights, Institutions and Public Choice
4. The Economics of Exhaustible Resources.
5. Renewable Resources
I like his treatment of those important five themes for several reasons:
The chapters contain so much breadth and depth to make it a treasured addition to my library.' -Frank A. Ward, New Mexico State University, USA
Introduction Section I: The Intertemporal Problem 1. Uncertainty and the Evaluation of Public Investment Decisions 2. The relevance and the limits of the Arrow-Lind Theorem 3. A reconsideration of Arrow-Lind: risk aversion, risk sharing, and agent choice 4. Evaluating uncertain public projects with rival and non-rival benefits 5. Probing the limits of risk-neutral government 6. Are we in this together? Risk bearing and collective action 7. Evaluation of public investments and individual discounting 8. Rebutting Arrow and Lind: why governments should use market rates for discounting 9. Revisiting Arrow-Lind: Managing Sovereign Disaster Risk 10. Size matters: capital market size and risk-return profiles 11. Microeconomic foundations of bailouts Section II: Externalities and Market Failure – Ronald H. Coase 12. The Problem of Social Cost 13. Battles lost and wars won: reflections on ‘The Problem of Social Cost’ 14. The importance of being misunderstood: the Coase theorem and the legacy of ‘The Problem of Social Cost’ 15. Infringement as nuisance: intellectual property rights and The Problem of Social Cost 16. About some distortions in the interpretation of ‘the problem of social cost’ 17. The successes and failures of Professor Coase Section III: Property Rights, Institutions and Public Choice – Garrett J. Hardin and Elinor Ostrom 18. The Tragedy of the Commons 19. The Core Challenges of Moving Beyond Garrett Hardin 20. Revising the Commons Paradigm 21. Hardin’s Brilliant Tragedy and a Non-Sequitur Response 22. Free Parking at Christmas Is Not a Tragedy of the Commons 23. Guarding the Guardians: Enforcement in the Commons 24. From ‘Tragedy’ to Commons: How Hardin’s Mistake Might Save the World 25. Collective action and the evolution of social norms 26. The collective action theory path to contextual analysis 27. Contextualizing the influence of social norms, collective action on social-ecological systems 28. Collective Action and the Evolution of Social Norms: the principled optimism of Elinor Ostrom 29. Crossing disciplinary boundaries 30. Elinor Ostrom’s challenge for laboratory experiments 31. The evolution of social norms in conflict resolution 32. The evolution of elite and societal norms pertaining to the emergence of federal-tribal co-management of natural resources Section IV: The Economics of Exhaustible Resources – Robert Solow and William Nordhaus 33. The Economics of Resources or the Resources of Economics 34. Reflections on Solow’s The Economics of Resources or the Resources of Economics 35. What Does the Empirical Work Inspired by Solow’s The Economics of Resources or the Resources of Economics Tell Us? 36. What Would Solow Say? 37. Reflections on Solow’s 1974 Richard T. Ely Address 38. The Economics of Resources and the Economics of Climate 39. Celebrating Solow: Lessons from Natural Resource Economics for Environmental Policy 40. The Allocation of Energy Resources 41-49. To be included Section V: Renewable Resources - Paul A. Samuelson 50. Economics of Forestry in an Evolving Society 51. Samuelson’s Economics of Forestry in an Evolving Society: Still an Important and Relevant Article Thirty Six Years Later 52. Reflections on Samuelson’s Economics of Forestry in an Evolving Society 53. Samuelson and 21st Century Tropical Forest Economics 54. Putting Samuelson’s Economics of Forestry in an Evolving Society into Context: The Limits of Forest Economics in Policy Debates 55. Samuelson on Forest Economics: An Inadvertent Tribute to Faustmann, and a Few Others 56. Thoughts on Paul Samuelson’s Classic, Economics of Forestry in an Evolving Society