Resource Economics

At the Department of Resource Economics, we tackle complex questions about how to use our environmental, natural and human resources. By researching.
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Recycling will become more common and more efficient note: Ultimately, minerals and metals will be obtained by processing "average" rock. Rock, tonnes of "average" igneous rock, will yield eight tonnes of aluminum, five tonnes of iron, and 0. The USGS model based on crustal abundance data and the reserve-abundance relationship of McKelvey, is applied to several metals in the Earth's crust worldwide and in the U. The potential currently recoverable present technology, economy resources that come closest to the McKelvey relationship are those that have been sought for the longest time, such as copper, zinc, lead, silver , gold and molybdenum.

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Metals that do not follow the McKelvey relationship are ones that are byproducts of major metals or haven't been vital to the economy until recently titanium , aluminum to a lesser degree. Diverse authors have further contributions. Some think the number of substitutes is almost infinite, particularly with the flow of new materials from the chemical industry; identical end products can be made from different materials and starting points. Plastics can be good electrical conductors. Since all materials are times weaker than they theoretically should be, it ought to be possible to eliminate areas of dislocations and greatly strengthen them, enabling lesser quantities to be used.

To summarize, "mining" companies will have more and more diverse products, the world economy is moving away from materials towards services, and the population seems to be levelling, all of which implies a lessening of demand growth for materials; much of the materials will be recovered from somewhat uncommon rocks, there will be much more coproducts and byproducts from a given operation, and more trade in minerals and materials.

As radical new technology impacts the materials and minerals world more and more powerfully, the materials used are more and more likely to have perpetual resources. There are already more and more materials that have perpetual resources and less and less materials that have nonrenewable resources or are strategic and critical materials. Some materials that have perpetual resources such as salt ,stone, magnesium , and common clay were mentioned previously. Thanks to new technology, synthetic diamonds were added to the list of perpetual resources, since they can be easily made from a lump of another form of carbon.

Synthetic graphite, is made in large quantities graphite electrodes, graphite fiber from carbon precursors such as petroleum coke or a textile fiber. A firm named Liquidmetal Technologies, Inc. It makes amorphous metal alloys , which retain a random atomic structure when the hot metal solidifies, rather than the crystalline atomic structure with dislocations that normally forms when hot metal solidifies.

The Liquidmetal alloys can supplant many high performance alloys.

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Exploration of the ocean bottom in the last fifty years revealed manganese nodules and phosphate nodules in many locations. More recently, polymetallic sulfide deposits have been discovered and polymetallic sulfide "black muds" are being presently deposited from "black smokers" [22] The cobalt scarcity situation of has a new option now: Partnering with Nautilus are Tech Cominco Ltd. There are also other robot mining techniques that could be applied under the ocean. Rio Tinto is using satellite links to allow workers kilometers away to operate drilling rigs, load cargo, dig out ore and dump it on conveyor belts, and place explosives to subsequently blast rock and earth.

The firm can keep workers out of danger this way, and also use fewer workers. Such technology reduces costs and offsets declines in metal content of ore reserves.

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Finally, what is a perpetual resource? The ASTM definition for a perpetual resource is "one that is virtually inexhaustible on a human time-scale". Examples given include solar energy, tidal energy, and wind energy, [26] to which should be added salt, stone, magnesium, diamonds, and other materials mentioned above. A study on the biogeophysical aspects of sustainability came up with a rule of prudent practice that a resource stock should last years to achieve sustainability or become a perpetual resource, or for a worse case, years. If a resource lasting or more years is perpetual, one that lasts to years can be called an abundant resource, and is so defined here.

How long the material can be recovered from its resource depends on human need and changes in technology from extraction through the life cycle of the product to final disposal, plus recyclability of the material and availability of satisfactory substitutes. Specifically, this shows that exhaustibility does not occur until these factors weaken and play out: The most recent resource information and guidance on the kinds of resources that must be considered is covered on the Resource Guide-Update [1].

Perpetual resources can transition to being a paleoresource. A paleoresource is one that has little or no demand for the material extracted from it; an obsolescent material, humans no longer need it.

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The classic paleoresource is an arrowhead-grade flint resource; no one makes flint arrowheads or spearheads anymore—making a sharpened piece of scrap steel and using it is much simpler. Obsolescent products include tin cans, tin foil, the schoolhouse slate blackboard, and radium in medical technology.

Radium has been replaced by much cheaper cobalt and other radioisotopes in radiation treatment. Noncorroding lead as a cable covering has been replaced by plastics. Pennsylvania anthracite is another material where the trend towards obsolescence and becoming a paleoresource can be shown statistically. Production of anthracite was Since anthracite resources are so far into the perpetual resource range and demand for anthracite has dropped so far, is it possible to see how anthracite might become a paleoresource?

Probably by customers continuing to disappear i. This is a mutually reinforcing process: The coal dealer's other customers are then forced to convert unless they can find another nearby coal dealer. Finally the anthracite mine closes because it doesn't have enough sales volume to cover its costs. From Wikipedia, the free encyclopedia.


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    Retrieved from " https: Resource Economists and Environmental or Ecological Economists can work together to bring people a balanced view of complicated economic issues. Economics is a very complex field; the balance of supply and demand and other simple principles you learned about in math class do not give an accurate description of real market principles. Economists from all schools of thought are needed to help policy makers make good decisions and to help people understand the underlying principles of economics.

    Resource Economics majors will take the same classes as traditional economics majors; advanced math, economic theory, computer science, etc. They will also learn about resource management, including environmental perspectives on the field. Many programs include classes on ethics, even though it may seem that ethics have no place in traditional economics.

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    Understanding the ethics behind an issue, however, can help explain certain economic trends; can help shape policy; and can nudge the economist into thinking of things such as human health, the value of the environment, and the protection of habitat for biodiversity in non-economic terms. Just being a good number-cruncher does not make you an economist. You will also need to be able to explain complex theories to the lay person.

    You will have to write papers in the major, and probably in your career, too. Economists also need to be open-minded; sometimes, the traditional way of understanding a theory turns out to be out-dated or overly simplistic. Open-minded economists lead the way in changing policies so that they are in keeping with the scientific understanding and social needs of the times. Most economists hold masters or doctoral degrees, as these degrees are usually needed to work in private industries and in a position of responsibility within a firm or agency.

    Graduate school is the time to choose a subfield within economics and specialize in that field.