ABSTRACT
In almost every case, natural resource decisions today affect the amount of the resource available in the future. The special feature of a mine, for example, is that the amount of mineral wealth remaining at the end of each year is reduced by the amount harvested in that year. Biological stocks, often called renewable resources, are different. The stocks are reduced by harvesting, but they also increase naturally. The economics of renewable resources are particularly interesting because of the interaction between biology, economic process, and social/property relations.
