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Course Syllabus

Bachelor 2020/2021

Economics of Natural Resources

Type: Elective course (HSE/NES Programme in Economics)
Area of studies: Economics
Delivered by: HSE/NES Undergraduate Programmes Curriculum Support
Where: Faculty of Economic Sciences
When: 3 year, 3, 4 module
Mode of studies: offline
Language: English
ECTS credits: 6
Contact hours: 64

Course Syllabus

Full Syllabus

Abstract

It is hard to imagine how the global economy would have developed if mankind would not have access to natural resources. Non-renewable resources have been used as tools, weapons, jewelry and money for thousand of years. This course is designed to familiarize students with the role of natural resources in the global economy. To do that, students will initially be exposed to a historical overview of the critical role exhaustible resources played in economic development over the last centuries and potential future consequences of a continues use of such resources. In the second part of the course students will be familiarized with the main determinants of demand and supply of exhaustible resources and, thus, commodity price fluctuations. In the third part of the course students will learn about the relationship between natural resource wealth and economic development by focusing on the main issues facing resource rich economics. This will allow students to understand why some countries succeed while other countries fail to benefit from their resource wealth. Due to Russia’s role as a key player in global commodity markets and the importance of exhaustible natural resources for Russia’s economy, Russia will be employed as a case study whenever possible. The successful completion of the course will prepare students for advising firms in the private sector, international organizations and policy makers on issues such as the optimal timing of resource extraction, the local impacts of industrial and artisanal mining, on the macro-management of resource wealth and many others.
Learning Objectives

Learning Objectives

  • To provide students with an understanding of the basic principles of such issues as optimal terms of resource extraction, local consequences of industrial and artisanal mining, macro-management of resource wealth, etc.
Expected Learning Outcomes

Expected Learning Outcomes

  • Understand the role of a historical overview of the critical role exhaustible resources played in economic development over the last centuries and potential future consequences of a continues use of such resources
  • Familiarized with the main determinants of demand and supply of exhaustible resources and, thus, commodity price fluctuations
  • Understand the relationship between natural resource wealth and economic development
Course Contents

Course Contents

  • Historical Overview
  • Resource Wealth and Economic Growth
  • Economics of Natural Resources
Assessment Elements

Assessment Elements

  • non-blocking Final test
    Multiple choice format consisting of short questions related to the material covered in class. Presentation and assignments cannot be handed in after the final lecture and will be evaluated with zero. F
  • non-blocking Рresentation of an academic paper in class
    (15%) Not handing in the assignments on time will be evaluated with 0 points. Presentation and assignments cannot be handed in after the final lecture and will be evaluated with zero. F
  • non-blocking Five data assignments
    (5*9%=45%)
Interim Assessment

Interim Assessment

  • Interim assessment (3 module)
    0.5 * Five data assignments + 0.5 * Рresentation of an academic paper in class
  • Interim assessment (4 module)
    0.4 * Final test + 0.6 * Interim assessment (3 module)
Bibliography

Bibliography

Recommended Core Bibliography

  • Booming Sector and De-Industrialisation in a Small Open Economy. (1982). Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.74422DFB
  • Diamond, J. M. . (DE-588)120299410, (DE-576)163925402. (2005). Collapse : how societies choose to fail or succeed / Jared Diamond. New York: Viking. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edswao&AN=edswao.11585911X
  • Krautkraemer, J. A. (1998). Nonrenewable resource scarcity. Journal of Economic Literature, 36(4), 2065–2107. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=bsu&AN=1408068

Recommended Additional Bibliography

  • Baumeister, C., & Kilian, L. (2016). Forty Years of Oil Price Fluctuations: Why the Price of Oil May Still Surprise Us. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.9CF3E05A
  • Kapstein, E. B. (1992). The Prize: The Epic Quest for Oil, Money, and Power. By Daniel Yergin. (New York: Simon & Schuster, 1991. 877 + xxxii pp. $24.95.). Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.BE565BB6
  • Michael L. Ross. (2013). The Oil Curse: How Petroleum Wealth Shapes the Development of Nations. Princeton University Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.pup.pbooks.9686
  • Rabah Arezki, Valerie A. Ramey, & Liugang Sheng. (2015). News Shocks in Open Economies: Evidence from Giant Oil Discoveries. NBER Working Papers. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.p.nbr.nberwo.20857