Question

what r the consequences of major depletion of non re newable resources

Answer 1

The transition from the current situation towards economic processes along with the input of substitute resources embodies costs. Those costs are investments in a new technology, the establishment of new facilities for energy extraction, the promotion of energy saving technologies and so forth. In this context the author argues that there are negative externalities that emerge from current economic processes and which cause costs for future generations. Externalities are costs or benefits caused by economic activity which do not take into account the interests of an uninvolved party. The costs that emerge from previous depletion of non-renewable resources and affect future generations without being taken into account by the causing actors are called non-sustainable externalities. In principle this includes both non-renewable as well as renewable resources depending on the time-path to depletion of respective resource, but is particularly significant for non-renewable resources. During the transition process oil can still be depleted without causing negative externalities. In the strict sense this would state an example for non-sustainable development, but not automatically mean non-sustainable externalities. Finally it is possible that there are no negative or even positive externalities if the transition from employing non-renewable resources towards the input of renewable resources is accomplished before respective resources´ depletion. Whether there are negative or positive externalities depends on the time until the resource is finally depleted.
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