Lecturers:       C. Sukume, G.D. Mudimu and E. Guvheya
Lecture Hours:   To be advised (TBA)
Office       :   TBA
Office Hours :   TBA

This course is intended to provide an introduction to both theoretical and practical applications of economics to natural resource utilization.  The theory will be illustrated with examples that demonstrate the  applicability of economics to real natural resource problems. The readings would contain the theoretical basis for the discussion of natural resource and environmental problems. Much of the class discussion will apply the theory to current issues and problems. The  reading list provided contains required readings as well as suggested readings for students interested in extended work in the area.

Objectives
1. Develop an economic approach to problem solving in renewable resource and environmental
    management
2. Examine models of renewable/non-renewable use as derived from dynamic economic theory
3. Develop a theoretical understanding of the principles of benefit cost analysis and welfare
    economics
4.  Examine approaches to the valuation of nonmarket benefits including the valuation of changes in
    environmental quality
5. Explore renewabie resource policy
6. Generate awareness of resource and environmental issues currently being debated
7. Grading of the course will be:
                    Test                                    10
                    Term paper                          10
                    Intrassesional Exam              10
                    Final Exam                          70%

The test will examine on all material covered during the first term.  The term paper is an investigation into part of the literature chosen by the student. It should be an attempt to synthesis or extend the literature in the references. Examinations will be a combination of essay and problem solving questions. Finally, student will be organized  into groups and each group will have responsibility of "interviewing" the invited presenters for each specific of  the specific  policy areas
listed at the end of the outline. These groups will also be responsible  for developing a written assessment of the particular policy issue.

TOPIC OUTLINE
 Theory
 1: Introduction, Definitions, Objectives
            Scope of natural resource economics
            Economics and the natural environment
            Resource Classification
            Population and resource needs

2: Resource allocation and use over time
            Resource scarcity and measures of scarcity
            Resource markets and economic rent
            Time preferences
            Temporal resource allocation
            Optimal depletion rates of exhaustible and renewable    resources
            Resource conservation

3:Welfare Economics and Public Policy Issues
            Pareto optimality
            Compensation principle
            Welfare analysis of simple market distortion
            Measures of welfare (EV, CV, CS)
            Social and Environmental issues
            Theory of second best
            Market failure and extemalities
            Public goods
            Theory of clubs
            BCA/EIA
            Social Economic Impact Analysis

4: Resource Valuation Techniques
           Concept of total value
           Direct valuation
           Idirect valuation

5: Property Institutions and Resource Use
          Property rights: definitions and characteristics
          Extemalities
          Problems
          Coase Theorem

6: Sustainability
          Definition and meaning
          Philosophy

7: Natural Resource and Environmental Policy

          Goals
          values, social and environmental justice
          theories of social justice
          theories of environmental justice
          Efficiency, distribution and sustainability
          Political economy of Natural Resource/Environmental policy
          Economic Models
          Rational Policy Models
          Public Choice Theory
          Rent seeking, interest groups (stakeholders), lobbying
          Jurisdictional Issues
          Policy Evaluation

8. Environmental and Sustainability Problems in Zimbabwe
          Overgrazing
          Soil erosion
          Deforestation
          Species extinction
          Pollution
          Landscape changes

RECOMMENDED TEXTBOOK(S)

Tietenberg, T. 1996. Environmental and Natural Resource Economics. Fourth  Edition. Harper Collins College Publishers.

SADC 1995. The Fundamentals of Natural Resource Policy Analysis for SADC Region. SADC-ELMS/UZ.