Abstract
Harold Hotelling′s path-breaking article in 1931 used higher mathematics to explain the economics of non-renewable resources. In that article, Hotelling asserted that conventional static models were inadequate to illustrate his ideas, and presumably he would have extended that opinion to the many technical papers that his work spawned.The purpose of this paper is to show how to extend the conventional static model to enable instructors of economics to present to undergraduates at least some of the ideas of Hotelling and later research economists. By making such presentations, these introductory courses can make a great improvement in economic understanding at precisely the time in our history that energy policy in general, and oil dependence in particular, are front-page news.
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