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Renewable and Non-Renewable Resources (Non-Renewable and depletion path…
Renewable and Non-Renewable Resources
Characteristics
Nonstorable
Normally indivisible and inexhaustible
Storable
May be divisible
Management of open access natural resource
Tragedy of commons
Renewable sources: sustainable managment
Fisheries
Entry Restrictions
Time restrictions
technological restrictions
Market instruments
taxes
tradable quota
Renewable Resources: Fisheries
Carrying capacity
how much stock there can be (without human beings)
Bioeconomic equilibrium
External shock affects the sustainable point
Marginal revenue
harvesting untill Marginal Revenue, marginal costs provide a 'Rent' (=extra profit)
Renewable Resources
Could become non-rebewable in a biological ___
Water is now non-renewable (due to the difficulty to access potable)
Non-renewable resources
Non-Renewable and depletion path
Deplition
How to manage the resource from day to day
Efficiency
Although demand has increased, the use of the resource has increased
Mainly due to technology
Usage paradox
Resources are more efficiency therefore cheaper. But this encourages to use the resource even more
Costs
Mainly goes into extracting it
Hotelling rules