OPTIMIZATION OF NATURAL RESOURCES EXPLOITATION - THEORETICAL APPROACHES

This study compares the optimum criteria of the use of the natural resources under different assumptions by the help of mathematical modeling. In case of non-renewable natural resources, we seek to find out how the intertemporal optimum conditions of the use of resources differ from the optimum conditions for producible goods, and whether the price of natural resources reflect their intertemporal scarcity. In case of renewable resources, the study examines the necessary conditions of a sustainable and profit-maximizing use, which is followed by a discussion of the problems associated with free goods, and with the need for a regulation of their utilization.