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Environmental & Natural Resource Economics 10th Edition by Thomas Tietenberg,Lynne Lewis
Edition 10ISBN: 978-1292060798Environmental & Natural Resource Economics 10th Edition by Thomas Tietenberg,Lynne Lewis
Edition 10ISBN: 978-1292060798 Exercise 1
The Ultimate Resource, Julian Simon makes the point that calling the resource base "finite" is misleading. To illustrate this point he uses a yardstick, with its one-inch markings, as an analogy. The distance between two markings is finite-one inch-but an infinite number of points is contained within that finite space. Therefore, in one sense, what lies between the markings is finite, but in another, equally meaningful sense, it is infinite. Is the concept of a finite resource base useful or not? Why?
Explanation
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Concept of Finite resource base is useful because it remind us of the fact that resources at our disposal are limited. We know that human wants are unlimited and therefore in face of limited resource base, there is scarcity and meaningful choices have to be made. Nature has limited capacity to bear the environmental damage as subjected by the human beings. If bearing capacity of the nature with regards to environmental damage exceeds beyond its limits then it will result in serious consequences and may wipe out human civilization altogether.
Examples of wipe out of many ancient civilizations like Mayan civilization have been recorded in the past as well and environmental damage was known to be at the core f such destruction.
Finite resource base also put up another question and that is of sustainable use of resources so that not only present generation be able to use the resources but resources should be conserved in the manner that future generations be able to have the adequate resources at their disposal as well.
Finite resources base also induce the society to look for ways to solve environmental problems because degrading environmental leads to destruction of natural resources and thus further diminish the already limited resources.
Examples of wipe out of many ancient civilizations like Mayan civilization have been recorded in the past as well and environmental damage was known to be at the core f such destruction.
Finite resource base also put up another question and that is of sustainable use of resources so that not only present generation be able to use the resources but resources should be conserved in the manner that future generations be able to have the adequate resources at their disposal as well.
Finite resources base also induce the society to look for ways to solve environmental problems because degrading environmental leads to destruction of natural resources and thus further diminish the already limited resources.
Environmental & Natural Resource Economics 10th Edition by Thomas Tietenberg,Lynne Lewis
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