Abstract
There exists a formalized and well integrated neoclassical theory of the economics of non-renewable resources. While the classical economists did not deal with non-renewable resources as such, many of them did discuss the economics of the mining industry or of the mine. This paper reviews the theoretical aspects of the contemporary theory of the economics of non-renewable resources and contrasts them with the less formal treatment given by the classical economists. As well as affording a critical review of the classical literature this comparison indicates areas of the contemporary theory which need to be reassessed.
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