The Economics of Resources or the Resources of Economics
It is easy to choose a subject for a distinguished lecture like this, before a large and critical audience with a wide range of interests. You need a topic that is absolutely contemporary, but somehow perennial. It should survey a broad field, without being superficial or vague. It should probably bear some relation to economic policy, but of course it must have some serious analytical foundations. It is nice if the topic has an important literature in the past of our subject – a literature which you can summarize brilliantly in about eleven minutes – but it better be something in which economists are interested today, and it should appropriately be a subject you have worked on yourself. The lecture should have some technical interest, because you can’t waffle for a whole hour to a room full of professionals, but it is hardly the occasion to use a blackboard.
KeywordsMarket Price Time Preference Demand Curve Future Market Current Price
Unable to display preview. Download preview PDF.
- P. Dasgupta and G. Heal, “The Optimal Depletion of Exhaustible Resources,” Rev. Econ. Stud., 1974, 3–28.Google Scholar
- W. D. Nordhaus, “The Allocation of Energy Resources,” Brookings Papers on Econ. Activ., 1974, 3, 529–570.Google Scholar
- ——and J. Tobin, “Is Economic Growth Obsolete?” in National Bureau of Economic Research, Economic Growth, 50th Anniversary Colloq. V, New York 1972.Google Scholar
- K. Shell and J. E. Stiglitz, “The Allocation of Investment in a Dynamic Economy,” Quart. J. Econ., Nov. 1967, 81.Google Scholar
- R. M. Solow, “Intergenerational Equity and Exhaustible Resources,” Rev. Econ. Stud., 1974, 29–45.Google Scholar
- J. E. Stiglitz, “Growth with Exhaustible Natural Resources,” Rev. Econ. Stud., 1974, 139–152.Google Scholar
- M. Weinstein and R. Zeckhauser, “Use Patterns for Depletable and Recyclable Resources,” Rev. Econ. Stud., 1974, 67–88.Google Scholar