Introduction to the Economics of Resource Use in Planning
Natural resources are a pervasive part of any economy and they pose particular problems for any society trying to plan their use. By natural resources we mean all resources that are produced by very long, slow geological processes which are not easily reproduced by human activity. Major natural resources in-dude land, water, and the earth’s atmosphere. They are natural resources in the sense that they cannot be reproduced and that their management has profound effects on the welfare of whole populations. Because of their special characteristics they are particularly difficult to allocate to appropriate uses through unfettered markets, and planning and policy systems have evolved in developed countries in an attempt to improve their use. In this chapter we review the economic underpinning of resource management, as practised through the planning system.
KeywordsPublic Good House Price Market Failure Contingent Valuation Income Growth
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