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Politics And The New Resource Economics

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  • RANDY T. SIMMONS
  • WILLIAM C. MITCHELL

Abstract

Two competing theories generally used, at least implicitly, to justify and analyze public resource management are scientific management and pluralism. We briefly review these theories and compare them to the new resource economics, an emerging body of theory which revises resource economics by introducing concepts from Austrian economics, property rights theory, and public choice. We argue that the new resource economics is superior to these traditional theories and then present specific policy proposals for the national forests, wilderness areas, and the public grazing lands. We also criticize new resource economists for not clearly distinguishing ideology from science, for emphasizing efficiency as a criterion for policy analysis, and for lacking political strategies for implementing their proposals

Suggested Citation

  • Randy T. Simmons & William C. Mitchell, 1984. "Politics And The New Resource Economics," Contemporary Economic Policy, Western Economic Association International, vol. 2(5), pages 1-13, March.
    • Handle: RePEc:bla:coecpo:v:2:y:1984:i:5:p:1-13
    DOI: 10.1111/j.1465-7287.1984.tb00773.x
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    References listed on IDEAS

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    1. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Palgrave Macmillan Books, in: Chennat Gopalakrishnan (ed.), Classic Papers in Natural Resource Economics, chapter 9, pages 178-203, Palgrave Macmillan.
    2. H. Scott Gordon, 1954. "The Economic Theory of a Common-Property Resource: The Fishery," Journal of Political Economy, University of Chicago Press, vol. 62(2), pages 124-124.
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    Cited by:

    1. Loomis, John B., 1987. "Economic Efficiency Analysis, Bureaucrats, And Budgets: A Test Of Hypotheses," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 12(1), pages 1-8, July.

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