Question

using a historical appraisal ,discuss the origins of the natural resource economics

Answer 1

Natural resource economics deals with the demand, supply and allocation of the natural resources on Earth. The primary goal of natural resource economics is to better understand the role of natural resources in the economy in an approach to develop more sustainable methods of managing natural resources to ensure their availability to future generations. Throughout most of the history the natural resources have been in short supply, however not in absolute one but in a functional sense. Due to limited technology, land have been typically the scarce production factor, and labor the most abundant. The birth of environmental economics relates to certain notion of the ecological limits of economic activity. The environmental movement of the 1960s had begun to focus on the apparently wasteful lifestyles of the occupants of modern economies, highlighting the logic that stated if these lifestyles were endangering the planet, and then the lifestyles must change. The economists developed a notion of scarcity arising from increasing marginal costs of resource extraction and use. In the economic sense, when economies begin to expand they are likely to expand in terms of physical resource extraction and thus in terms of physical waste emissions to the environment