RESOURCE ECONOMICS | Makerere University Courses

Course Code:

AEC 7209

Course Credit Units:

Semester:

Semester 2

Year of Study:

Year 1

Undergraduate or Graduate Level:

Graduate Level

College:

College of Agricultural and Environmental Sciences

School:

School of Agricultural Sciences

Department:

Agribusiness & Natural Resource Economics

Course Discipline:

Agriculture

Course Description & Objectives:

This course covers a wide range of issues relating to resource use and the economics of resource use. The course introduces students to the principles, reasoning and techniques required to set-up and solve allocation problems, under different social objectives. The economic tools developed are applied ton renewable resources, exhaustible resources, water, pollution, marine resources, climate change, conservation planning and other contemporary problems.To provide students with skills that will enable them:

Build groundwork of familiarity with a broad spectrum of available resources.
Better understand the role of resources in the economy in order to develop more sustainable methods of managing those resources to ensure their availability to future generations.
Comprehend the interactions between economic and natural systems with the goal of developing sustainable and efficient economies.

Learning Outcomes:

Have a working familiarity with numerical and analytical optimization techniques with the chosen software.
Familiarized with policy problems related to exhaustion and non-renewable resources and overutilization of renewable resources, common pool problems and sustainability concepts.
Know basic concepts of resource economics such as discounting, discrete-time extension of the method of Lagrange Multipliers.
Know key elements of the theory of renewable resources such as the concepts of optimal harvesting and optimal depletion problems.
Have some practice in applying the theories elaborated in the course to models of their own; for example the optimality problems largely dealt with within the framework of optimal control theory requires practical skills in formulating, interpreting and for simple cases –solving optimal control problems.
Have acquired skills for solving stylized problem within the resource areas covered by the course.

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