ABSTRACT
A graphic example of the importance of increasing return on the extensive margin had earlier been given by the Duke of Argyll - an economic commentator of some note who was a mine owner himself. With the possible exceptions of Henry Carey and Karl Marx each of the authors whose work has been reviewed made a significant contribution to the development of the mainstream theoretical treatment of the economics of exhaustible resources. In the respect Carey's contribution is of particular significance since he argued that in some industries extension of the margin of production may involve a systematic progression to superior resources. Yet, in spite of the explicit acceptance of Carey's idea of increasing return on the extensive margin of agriculture, his case for similar treatment of mining was ignored. In particular, the contributions made by W.R. Sorley and those who followed him gave distinct emphasis to the notion of production from the mine involving an intertemporal opportunity cost.
