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The depletion of resources has been an issue since the beginning of the 19th century amidst the First Industrial Revolution.The extraction of both renewable and non-renewable resources increased drastically, much further than thought possible pre-industrialization, due to the technological advancements and economic development that lead to an increased demand for natural resources.
Natural resource economics deals with the supply, demand, and allocation of the Earth's natural resources. One main objective of natural resource economics is to better understand the role of natural resources in the economy in order to develop more sustainable methods of managing those resources to ensure their availability for future generations.
As the world population rises and economic growth occurs, the depletion of natural resources influenced by the unsustainable extraction of raw materials becomes an increasing concern. [5] The continuous alteration of the environment through water, mineral, and forest exploitation poses increased risks of climate-based displacement and conflict ...
This economic growth in turn can only be maintained under the eaves of colonialism and extractivism, perpetuating asymmetric power relationships between territories. [57] Colonialism is understood as the appropriation of common goods, resources, and labor, which is antagonistic to degrowth principles.
The main cause for the bullion famine was outflow of silver to the East unequaled by European mining output. [1] [2] The historian John Day supports this theory, stating the loss of gold and silver was due to large-scale trading with the Levant, which provided Europe spices, silks, rare dyestuffs, pearls, and precious gems. [3]
Economic scarcity has subsequently been introduced as a more valid approach to assess the supply of minerals. There are three commonly accepted measures for economic scarcity: the user costs associated with a resource, the real price of the resource, and the resource's extraction costs. These measures have historically externalised impacts of a ...
Image source: The Motley Fool. Bank of America (NYSE: BAC) Q4 2024 Earnings Call Jan 16, 2025, 11:00 a.m. ET. Contents: Prepared Remarks. Questions and Answers. Call Participants
Mineral economics is the academic discipline that investigates and promotes understanding of economic and policy issues associated with the production and use of mineral commodities. [ 1 ] Mineral economics [′min·rəl ‚ek·ə′näm·iks] is specially concerned with the analysis and understanding of mineral distribution as well as the ...