What model should be used to indicate natural resource scarcity? The paper aims to explore this issue by conducting a comprehensive review of the article titled “Concepts and measures of natural resource scarcity with a summary of recent trends?” by Darwin and Jane Hall. The review will commence with an overview of the problem addressed by the authors of this article. The methodology as well as the data that has been incorporated into this study or used in the research will also be reviewed. Conclusions made by the authors of the article will then be discussed. The paper will then look at some for the related articles where this article has been cited. Finally, an overall assessment of the relevance, readability and usefulness of the article will be discussed.
This research consists of a synthesis review of past scarcity models proposed by authors in the past. The authors look at previous models of scarcity, compares and then contrast them. From these models, a refinement of the scarcity concept is done so as to come up with the most appropriate measure of scarcity. In a nutshell, the authors come up with a general model that can be used to measure natural resource scarcity through regression analysis and different mathematical derivations. The motivation behind the composing of the article is increasing natural resource scarcity with time and the fact that previous models cannot be relied on 100% indicate emerging patterns of resource scarcity. A new model is essentially required to accurately indicate the new patterns of economic scarcity.
The main conclusion made by the researchers is that although previous models used to estimate resource scarcity such as that of Morse and Barnett are relatively sufficient can be updated to bring about even more accurate models. The new model can be applied across a variety of contexts and can be trusted to accurately indicate patterns and trends of economic scarcity. From this new model for instance, it is shown that forest products and energy experienced increasing scarcity in the 1970’s.
This article has been cited by other articles that also explore the issue of natural resource scarcity. In fact, the new general model derived in this article has been used in other articles. One such article is “Nonrenewable resource scarcity” by Krautkraemer (1998) that uses the model to assess the scarcity of non-renewable resources. Norgaard (1990) also cites this article in his article titled "Economic indicators of resource scarcity: a critical essay”. Once again, he uses the model developed by Hall as one of the tools of indicating natural resource scarcity.
This article uses complex mathematical derivations that may overwhelm some academicians. However, the significance and usability of the article cannot be undermined. The issue explored in the article is of great significance to the current world where rapid scarcity of natural resources is being experienced. The model of estimating this scarcity that is presented in this article can be used to take measures meant to counter the impending scarcity of natural resources. Although the language used is a bit complex, the results derived are however very applicable especially in the field of natural resource economics.AcknowledgmentI formally acknowledge that this assignment has been completed by me. I have neither sourced nor incorporated any help from outside parties and all the information in the article is either partly or wholly derived from the articles listed in the bibliography section of the paper.
Norgaard, Richard B. "Economic indicators of resource scarcity: a critical essay." Journal of Environmental Economics and Management 19.1 (1990): 19-25.
Krautkraemer, Jeffrey A. "Nonrenewable resource scarcity." Journal of Economic Literature (1998): 2065-2107.
Hall, Darwin C., and Jane V. Hall. "Concepts and measures of natural resource scarcity with a summary of recent trends." Journal of Environmental Economics and Management 11.4 (1984): 363-379.
Norgaard, Richard B., and Richard B. Howarth. "Sustainability and discounting the future." Ecological economics: the science and management of sustainability (1991): 88-101.