Economics Dictionary of ArgumentsHome
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| Exhaustible resources: Exhaustible resources in economics are natural resources that are finite and can be depleted, such as fossil fuels or minerals. Their availability diminishes with use, raising concerns about sustainability and the need for efficient management and conservation to ensure long-term availability._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Bertram Schefold on Exhaustible Resources - Dictionary of Arguments
Kurz I 289 Exhaustible resources/Schefold/Kurz: Bertram Schefold was keen to extend the classical approach to the theory of value and distribution, as it had already been reformulated and generalized earlier by Piero Sraffa (1960)(1), to exhaustible resources (see the collections of essays in Schefold, 1989(2), 1997(3)). A start had been made by Parrinello(1983)(4) and then Schefold, Who opened up a new field of research to those who adopted the approach under consideration and applied it to many questions not dealt with in Sraffa's classic contribution.l These efforts brought about a rich harvest of works, including contributions to the problem of 'wasting assets', as Sraffa called the case of exhaustible resources in the preparatory notes of his book (see Kurz and Salvadori, 2001(5): 290—3). >Hotelling Rule, >Social Goods/Ricardo. Kurz I 309 Schefold (1989)(2) took up Parrinello's invitation to consider the case of exhaustile resources and argued that the theory of such resources 'is of practical relevance only under exceptional circumstances' and concluded 'that the classicists may be excused for having ignored it by subsuming the incomes of mine owners to the general theory of rent' (1989:228)(2). He felt justified in his defence of the classical authors in terms of four sets of facts: (i) the uncertainty concerning the future course of prices; (ii) the unpredictability of the impact of technical progress on the system; (iii) the relatively slow change of the royalty of any one mine; and (iv) the great importance of cost differentials between mines. >Exhaustible resources/Parrinello. 1. Sraffa, P. (1960). Production of Commodities by Means of Commodities, Cambridge: Cambridge University Press. 2. Schefold, B. (1989). Mr Sraffa on Joint Production and Other Essays, London: Macmillan. 3. Schefold, B. (1997). Normal Prices, Technical Change and Accumulation, London: Macmillan. 4. Parrinello, S. (1983). Exhaustible natural resources and the classical method of long-period equilibrium, in J. Kregel (ed.), Distribution, Effective Demand and International Economic Relations, London: Macmillan, pp 186—99. 5. Kurz, H. D. and Salvadori, N. (2001). Classical economics and the problem of exhaustible resources, Metroeconomica, 52,3:282—96. Kurz, Heinz D. and Salvadori, Neri. „Exhaustible resources, Rents, profits, royalties and prices.“ In: Kurz, Heinz; Salvadori, Neri 2015. Revisiting Classical Economics: Studies in Long-Period Analysis (Routledge Studies in the History of Economics). London, UK: Routledge._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Schefold I Bertram Schefold Normal Prices, Technical Change and Accumulation. London: Macmillan. London 1997 Kurz I Heinz D. Kurz Neri Salvadori Revisiting Classical Economics: Studies in Long-Period Analysis (Routledge Studies in the History of Economics). Routledge. London 2015 |
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