Policies towards Natural Resources and Investment in International Trade
In his book The Economics of Natural Resources, Richard Lecomber analysed carefully the many reasons why actual markets may be inadequate for allocating exhaustible natural resources over time — for example, common property problems, imperfect competition, absence of markets for dealing with risk. Central to the book, however, is the notion that natural resources are assets, and that a key source of biases in the rate of resource utilisation will be distortions in asset markets — markets for translating forgone consumption today into assets such as physical or human capital to produce higher consumption in the future.
KeywordsIncome Expense Tria Nash Librium
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