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New Approaches To The Management Of Natural Resources (2): The Market

Author

Listed:
  • MARIUS BULEARCA

    (CENTRE FOR INDUSTRY AND SERVICES’ ECONOMICS, ROMANIAN ACADEMY, BUCHAREST, ROMANIA)

  • CATALIN POPESCU

    (PETROLEUM-GAS UNIVERSITY FROM PLOIESTI, PLOIESTI, ROMANIA)

Abstract

Natural resources are not homogeneous in nature, therefore economic analysis of extractive industry fundamentally differs compared to agriculture, manufacture and services analysis. The main reason is that mineral resources are exhaustible resources; hence, in the mining industry an initial stock of reserves will exhaust over time. Therefore, this paper analysis the natural resource market according to several criteria: requirements of economic growth, future potential of environmental factors, scientific and technological progress and demographic change. Hence, this work deals with issues related to the limited character and scarcity of natural resources (supply) in relation to the development of demand (in the first part), and the mechanisms and economic laws that describe the supply-demand ratio of natural resources determined by economic and social factors (in the second part).

Suggested Citation

  • Marius Bulearca & Catalin Popescu, 2020. "New Approaches To The Management Of Natural Resources (2): The Market," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 1, pages 48-54, February.
    • Handle: RePEc:cbu:jrnlec:y:2020:v:1:p:48-54
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    References listed on IDEAS

    as
    1. Harold Hotelling, 1931. "The Economics of Exhaustible Resources," Journal of Political Economy, University of Chicago Press, vol. 39(2), pages 137-137.
    2. Krautkraemer, Jeffrey A., 2005. "Economics of Natural Resource Scarcity: The State of the Debate," Discussion Papers 10562, Resources for the Future.
    3. Krautkraemer, Jeffrey, 2005. "Economics of Natural Resource Scarcity: The State of the Debate," RFF Working Paper Series dp-05-14, Resources for the Future.
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