rem prep.docx

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Department
Resource & Environmtl Mgmt
Course
REM 356
Professor
Wolfgang Haider
Semester
Fall

Description
Resourceenvironmental managementThe classification and allocation of natural resources and other components of the environment to reach some goal such as maximizing benefits to society and minimizing impacts on the environmentRenewableReplacement equals Consumption lumber water NonRenewableConsumption exceeds Replacement oil coal Sustainability Meeting the needs of today without compromising the ability of future generations to meet their needsWeak sustainability All forms of capital are substitutable It does not matter what types of capital are used to produce goods and servicesAll that matters is that goods and services are produced So growth and consumption can be sustainedTechnology can replace natural resources and ecosystem services provided by the environment Strong Sustainability Forms of capital are not substitutableNatural resources and ecosystem services are too complex and interconnected to be replaced with technology There is still a lot about the environment that humans do not understandResources should be managed differently Renewable versus nonrenewable resourcesCapital is a factor of production used to create goods and services Capital goods can be acquired with money So capital is often associated with wealth Many types of capital exist Natural Manufactured HumanSocialInstitutions structure policies and influence behaviour set the rules of the game eg fishing regulationsInstitutions are not static they often change Institutions are often contested and challengedUnderstanding institutions can help reveal patterns of and limits to societal change or improvement Staple a raw or unfinished bulk resource commodity sold in the market Timber fish and minerals are staples extracted and sold without or prior to significant amounts of processing Resource economy sectorsPrimary extraction and production of natural resources agriculture fishing mining oil and gas extraction Secondary processing of natural resources and manufacturing Tertiary goods and services provided to facilitate and organize the primary and secondary sectorsProblems associated with a staples economy overspecializationlack of economic diversification vulnerability to commodity markets prices demandboom and bust cyclesUncertainty for rural resourcedependent communitiesreliance on imports of manufactured goods and foreign investmentgovts act in interests of foreign firmsloss of profits to foreign countriesultimate collapse when resource runs outEconomic rent is the financial surplus created by the exploitation of natural resources over and above the costs of exploitation including normal profits
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