Resource Economic Theory

Resource Economic Theory studies how societies manage and utilize natural resources—like minerals, water, and forests—over time. It examines the trade-offs between using resources now for immediate benefit and conserving them for future generations. The theory considers factors such as resource scarcity, extraction costs, technological advances, and environmental impacts to develop strategies that balance economic growth with sustainable use. Ultimately, it aims to inform policies that ensure resources are used efficiently, fairly, and sustainably, supporting long-term economic stability and environmental health.