Use value, exchange value, and resource scarcity,

Date

1999

Authors

Stern, David

Journal Title

Journal ISSN

Volume Title

Publisher

Elsevier

Abstract

I review the literature on natural resource scarcity indicators. Scarcity indicators can be classified by what is being measured: value of the resource stock or value of extracted resource commodities; who's value is considered: social vs. private scarcity; and by the mode of valuation considered: exchange value and use value. Prices and rents are common measures of exchange value or indicators of 'exchange scarcity' and unit costs can be seen as use value indicators or indicators of 'use scarcity'. The major aim of this paper is to demonstrate the links between productivity indicators such as unit costs and the classical concept of use value. The two classes of indicator relate to John Commons' discussions of scarcity and efficiency, and a marginal vs. a non-marginal approach to value and scarcity. The classical use value concept also has wider relevance for issues of valuation in energy, resource, and environmental policy.

Description

Keywords

Keywords: Costs; Inventory control; Resource scarcity; Energy policy; methodology; natural resource; resource management Indicators; Natural resources; Scarcity; Use value; Value

Citation

Source

Energy Policy

Type

Journal article

Book Title

Entity type

Access Statement

License Rights

DOI

10.1016/S0301-4215(99)00043-9

Restricted until

2037-12-31