Question

What are the different approaches to using natural resources today?​

Answer 1

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Answer ⤵️

Economic approach

In particular, economics provides a model for the sustainable use of renewable natural resources in the form of management tools, such as taxes, quotas, grants, subsidies, standards, licences, permits, property rights, and market rights.

Explanation:

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Answer 2

Answer:

4 Approaches to Natural Resources Management – Explained!

Explanation:

(A) Maximum Sustainable Yield Approach:

The maximum sustainable yield approach explains the relationship between the rate of growth and the level of population of a renewable resource, for example, fish. It is explained in terms of Figure 42.1. In the first quadrant, sustainable yield curve is shown as OS and the curve OP as population growth rate of fish. The third quadrant indicates the inverse relationship between effort (or cost of hunting) and the level of population. The fourth quadrant contains a 45° line so that the effort can be on both axis.

Problems Due to Externalities:

The level of population depends on the extent of the harvest and the extent of the harvest depends on the level of effort and the level of effort determines the level of costs. There are two main curves in Figure 42.2. The first curve is OS as the yield curve and the second curve ОС shows total cost associated with each level of efforts. If the resource is one of the common property resources that is to be exploited by a large number of individuals, it imposes externalities on others

(B) Natural Resource Scarcity Approach:

Classical economists have expressed their arguments on natural-resource scarcity. Malthus has analysed this problem in relation to the growth of population. According to Malthus, “Population has this constant tendency to increase beyond the means of subsistence, and that it is kept to its necessary level by these causes and thus, humankind, is necessarily confined in room by nature

(C) Ecological Approach:

Ecological economists believe that there are no substitutes for many natural resources such as air, water, fertile soil and bio-diversity. Further, Pearce and Turner hold that economic growth can endure only if it is accompanied by improving and increasing natural capital

(D) Resource Scarcity Hypothesis:

Barnett and Morse has examined contemporary views of ecology and economics on natural resources availability. Conclusions of their studies are as follows: First, as particular resources become scarce, their prices go up and other resources become more economical substitutes. Second, the price increase stimulates the search for new deposits of the original resources and encourage recycling and reuse.