Bachelor 2024/2025

Economics of Natural Resources

Type: Elective course (HSE/NES Programme in Economics)

Area of studies: Economics

Delivered by: Undergraduate Programmes Curriculum Support

Where: Faculty of Economic Sciences

When: 3 year, 3, 4 module

Mode of studies: offline

Open to: students of one campus

Language: English

ECTS credits: 6

Course 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 local impacts of industrial and artisanal mining, the difficulties related to the creation of formal contracts between resource rich economies and multinational firms, on the macro-management of resource wealth and many others.