| Preface | 6 |
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| Contents | 8 |
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| Part I: Basics | 12 |
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| Chapter 1: Introduction | 13 |
| 1.1 Motivation | 13 |
| 1.2 Natural Resources and the Economic Production Process | 14 |
| 1.3 Natural Resources in the History of Economic Thought | 16 |
| 1.3.1 Classical Economics | 16 |
| 1.3.2 Neoclassical Economics | 19 |
| 1.3.3 Resource Economics and Politics since the 1970s | 20 |
| 1.4 Resource Scarcity, Market Equilibrium, IntergenerationalEfficiency and Equity | 21 |
| 1.4.1 Intergenerational Scarcity of Renewable Resources | 21 |
| 1.4.2 Intergenerational Efficiency and Intertemporal MarketEquilibrium | 22 |
| 1.4.3 Intergenerational Equity (Sustainability) versusIntergenerational Efficiency | 23 |
| 1.5 General Equilibrium Models | 24 |
| 1.5.1 Intertemporal General Equilibrium Models | 25 |
| 1.5.2 Overlapping Generations versus Infinitely Lived Agents | 25 |
| 1.5.3 The Intergenerational Conflict and the Lack of PropertyRights | 26 |
| 1.6 Outline of the Book | 26 |
| References | 27 |
| Chapter 2: Economic Growth and Natural Resources | 29 |
| 2.1 Introduction | 29 |
| 2.2 Economic Growth and the Use of Natural Resources:Differing Views | 29 |
| 2.3 Political Economics of GDP Growth: A Digression | 34 |
| 2.4 Economic Growth and Non-Renewable Resources: AnOverview | 35 |
| 2.5 Conclusions | 39 |
| References | 39 |
| Part II: Efficiency and Market Equilibrium underResource Abundance | 40 |
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| Chapter 3: Intergenerational Efficiency in Log-linearCobb-Douglas OLG Models | 41 |
| 3.1 Introduction | 41 |
| 3.2 The Log-Linear Cobb-Douglas OLG Economy | 41 |
| 3.3 Intergenerational Efficiency | 43 |
| 3.4 First Order Conditions for Short-Run IntergenerationalEfficiency | 45 |
| 3.5 Graphical Illustration of FOCs for Short-RunIntergenerationally Efficient Allocation | 48 |
| 3.6 Conclusions | 51 |
| References | 51 |
| Chapter 4: Intertemporal Market Equilibrium andShort-Run Intergenerational Efficiency | 52 |
| 4.1 Introduction | 52 |
| 4.2 The Institutional Framework | 53 |
| 4.3 Individual Optimization Problems | 54 |
| 4.4 Market Clearing Conditions | 56 |
| 4.5 Intertemporal Equilibrium Dynamics | 57 |
| 4.6 Short-Run Intergenerational Efficiency of the IntertemporalMarket Equilibrium | 58 |
| 4.7 Conclusions | 61 |
| References | 62 |
| Chapter 5: Steady-State Market Equilibrium, Long-RunIntergenerational Efficiency, and Optimality | 63 |
| 5.1 Introduction | 63 |
| 5.2 Steady-State Market Equilibrium | 63 |
| 5.3 Long-Run Intergenerational Efficiency | 66 |
| 5.4 Long-Run Intergenerational (In-)Efficiency of Steady-StateMarket Equilibrium | 69 |
| 5.5 Intergenerational Efficiency versus IntergenerationalOptimality | 73 |
| 5.6 Steady-State Economic Growth and Resource SavingTechnological Progress | 75 |
| 5.7 Conclusions | 77 |
| References | 78 |
| Part III: Efficiency and Market Equilibrium withScarce Renewable Resources | 79 |
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| Chapter 6: Renewable Resources and IntergenerationalEfficiency | 80 |
| 6.1 Introduction | 80 |
| 6.2 The Regeneration Function | 81 |
| 6.2.1 The Natural Equilibrium | 83 |
| 6.2.2 The Sustainable Yield | 84 |
| 6.2.3 The Own Rate of Return | 85 |
| 6.3 The Harvest Cost Function | 86 |
