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How can our economic principles guide sustainable management of non…
How can our economic principles guide sustainable management of non-renewable resources?
What types of resources?
Exhaustible Resources
Minerals
Coal
Oil
Metals
Fish
Timber
Game
non-Exhaustible resources
Wind
Solar
Geo-Thermal
Energy
fuels
Uranium
Materials
Why be concerned with Scarcity & Pricing?
Measuring Scarcity
How concentrated are the resources?
Geochemically scarce minerals
Uneconomic concentration for extraction
Mineralogical threshold
How common are elements?
Crustal abundance
How long a resource stock lasts?
Resource Lifetime
Predictions & Pricing
Interest Rates?
Hotellings Rule
Price fluctuations
Price growth with Interest
Expectations of Demand
Scarcity
stock declines, Scarcity rent increases
Shadow price of a resource
Logistics
Scarcity
Labour
Inflation
Profit of extraction
Economic rent
New business
More consumption
What kind of Market Structure?
Extraction
Ore Grade Decline
New Reserves
Sustainable Technology
Firms
Want
Price Control
Profit
Future investment
Stability
Monopolization
Deal with
Inflation
Net Price
Environmental Conditions
Competition
Depletion
Regulation
OPEC Influence
Controls supply
manipulates price
Global Extraction
Environmental Impacts
Market-Based Climate Policies
Fix the cost of carbon?
Carbon Taxes
Price Floor
Reduced Carbon leakage
Upstream or Downstream
Fossil Fuel Adjustment
Hard cap on the quantity of emissions?
Cap-and-Trade
Creates gains
quantity of emissions
Guarantees emissions targets
determines permit price
Incentives & Behavioural Responses
Consumers?
Lowering fossil fuel consumption
Choosing low-carbon products
Using cleaner energy
Passive tax
Hands off
Lightly Encouraging
Punishes bad actors
Firms?
Energy efficiency improvements
Tax payments
Carbon switch
Cut Carbon-intensive goods
Technological Change
Technology as a Response to Carbon Price
stimulate innovation
New technology
Beginning of a transition
New energy Efficient processes
New economic Market
Job creation
technological upgrades
Investment
Returns on Clean tech
Adopt long-term innovations
predictable conditions for R&D
Emissions Measurements
New identifying metrics
Non-point agricultural emissions
New Technology limits
Methane leakage
Tax payments
Economic Schemes