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Resource use in society - Coggle Diagram
Resource use in society
Ecologically minded economists
Describe resources as "natural capital"
Renewable and replenishable resources can produce "natural income" indefinitely
Significant ideas
Renewability of natural capital impacts sustainable use
Status and economic value of natural capital are dynamic
Renewable natural capital
Generated/replaced as fast as used (e.g., living species, groundwater, ozone layer)
Provides goods (timber, fisheries) and services (flood protection)
Proper management leads to sustainable income
Non-renewable capital
Irreplaceable or replaceable over geological timescales (e.g., fossil fuels, minerals)
Finite amounts on Earth, not replaced once consumed
Sustainable management
Utilizing renewable natural capital within natural income
Avoiding unsustainable practices
Impacts of Exploitation
Damage from extraction, transport, and processing
Example: Amazon Rainforest (soil erosion, water quality, biodiversity loss)
Value of natural capital
Provides goods (tangible products) and services (climate regulation)
Values: aesthetic, cultural, economic, environmental, ethical, intrinsic, social, spiritual, technological
Dynamic nature
Value/status changes with time, region, and factors (cultural, social, economic, technological)
Examples: cork, uranium, lithium
Mismanagement examples
Renewable: African forests (deforestation)
Non-renewable: Indian fossil fuels (depletion)
Dynamic Nature Explanation:
Factors influencing resource status over time (e.g., uranium, increased demand, supply)
