EC5218 - Economics and Sustainable Resource Management

Credit points:	03
Year:	2013
Student Contribution Band:	Band 3
Administered by:	School of Business

Recognising that resources are of 'value' for a wide variety of reasons (far beyond values expressed in the market place), this subject uses insights from the fields of ecological economics and natural resource economics to consider some of the problems associated with the management of a variety of different natural resources including: entire ecosystems and biodiversity, water, minerals, fisheries, forests and agriculture. It presents and discusses some common economic theories and analytical tools, but its focus is primarily on understanding the real world complications that arise when attempting to manage these resources in a complex socio-ecological system. The subject is tailored to students who (envision to) work at a position that requires advanced economics skills.

Learning Outcomes

• Understand some of the key characteristics of a variety of different natural resources (such as whether they are open access, common property, renewable or other), and how this is likely to affect their use;
• Develop an advanced understanding of a range of different models that explain the use of different types of natural resources and that help identify problems that are, or are not, likely to arise in their management;
• Develop a broad understanding of the use the models to make predictions about whether or not the use of different resources is likely to be sustainable, and to consider management/policy interventions that seek to ameliorate any potential problems;
• Develop skills in synthesizing and evaluating models and the likely effectiveness of different policy/management interventions in a range of different socio- political contexts.

Graduate Qualities

• The ability to appraise information critically;
• The ability to use independent judgment to synthesise information to make intellectual and/or creative advances;
• The ability to think laterally and be original;
• The ability to conceptualise problems;
• The ability to conceptualise and evaluate a range of potential solutions to relevant problems;
• The ability to encompass and use methods and conceptual advances in areas of knowledge cognate to their central area(s) of expertise;
• The ability to communicate the methodology, results and implications of their research in a manner appropriate to different purposes and audiences.

Assumed Knowledge:	Introductory subjects in Economics and Statistics
Inadmissible Subject Combinations:	BX2123

Availabilities
Townsville, Internal, Study Period 1
Census Date 28-Mar-2013
Coord/Lect:	Dr Hong-Bo Liu.
Contact hours:	26 hours lectures 12 hours tutorials 3 hours workshops/Seminars
Assessment:	end of semester exam (30%); quizzes or tests (10%); essays (50%); assignments (10%).

Note: Minor variations might occur due to the continuous Subject quality improvement process, and in case of minor variation(s) in assessment details, the Subject Outline represents the latest official information.