Resource Economics
Econ 123
Spring 2014
TR 3:00 – 4:15 pm
Course Objective
This course analyzes the economic-based problem of exhaustion in both renewable and non-renewable resources.
Emphasis is given to the optimal use of these resources over time and the effects that various market and nonmarket factors have on their future availability. The purpose of the course is to develop the ability to apply basic
economic principles to understanding resource issues. Resource economics is the study of how society allocates
scarce resources such as oil and other energy resources, stocks of fish, forests, fresh water, and other resources.
Critical underlying issues include striking a balance between preserving resources or utilizing them as inputs for
the market economy, ensuring adequate resource supplies are available for future use, plus linking the ways
government can positively and negatively affect resource problems, including the potential and pitfalls of freemarket alternatives.
Instructor
Dr. J. T. Kelly
Office: 1011 Benecia Hall Phone: (916) 278-3576
E-mail: t.kelly@saclink.csus.edu
Office Hours: TR 2:15 – 2:45 p.m. and by appointment
Class Sect 01 AIRC 3009
Textbooks
Natural Resource Economics 2e, Barry C. Field, Waveland Press, 2008.
The Omnivore’s Dilemma: A Natural History of Four Meals, Michael Pollan, Penguin Press, 2007.
Web-CT material, web-based articles, class handouts.
Course Grade
Pop Quizzes, H o m e w o r k , I n - c l a s s e x e r c i s e s 1 5 % t o t a l
2 Mid-Term Exams: 20% each
Final Exam: 20%
Term Paper: 25%
Written Assignments – No excuses-please don’t ask
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A policy paper tying the Omnivore’s Dilemma to a resource economics topic that you have had
approved by the start of class on March 13, is due no later than Thursday, April 24. The term
paper will include a book report on pertinent sections of the Dilemma.
Occasional in-class and homework exercises, typically graded, will consist of problem-solving
questions and essays. You will be required to evaluate, interpret and explain your answers to the
problem-solving questions using mathematics, graphs and written arguments. Homework essays will
be type-written. Further details will be provided with assignments.
EXTRA CREDIT:
 Up to 3 points on final grade for superior class participation.
Testing
Exams – The mid-term and final exams will be a combination of multiple choice, short answer
(True/False/Depends and explain your answer) and essays. Typically, about 1/3 of your exam will be
will be M/C, 1/3 TFD and 1/3 essay. Because the course is designed according to the different energy
sectors, the Midterm and Final Exams will cover different energy topics, which means that the Final
Exam is not completely comprehensive.
Pop Quizzes a n d i n - c l a s s e x e r c i s e s – Are designed to encourage attendance, help you keep up with
reading and lectures and improve your grade. They may or may not be announced prior to their
occurrence; only those that show up for class will know for sure. Unannounced calls for weekly
journals may also be made. If you miss one, that opportunity is forever gone: there are no “Do Overs.”
Term (Policy) Paper
Your semester p o l i c y paper should provide a critical overview of a resource economics topic and should
be narrowly focused so that you can cover the topic thoroughly within its prescribed length. You should
conduct good www and library searches to locate and read relevant references before choosing and writing
your paper. Carefully proofread your paper to make sure that you have eliminated any grammatical or
spelling errors. (Most good writers get another set of eyes to read and critically review their draft papers
before preparing the final draft.) Below is more information on the policy paper.
Paper Topic
Your paper ma y be on any resource topic on this syllabus or on any other energy economics subject
relevant to modern society so long as it arises from the Dilemma. The book must be tied to the topic,
and vice versa. You must get approval before you proceed.
Length and format of the paper
You should be able to present your topic within about 8-10 pages of double-spaced Arial 12-point font text
(graphs, tables, etc. do not count), using the Chicago Style Guide
(http://library.csus.edu/guides/rogenmoserd/general/style.html), or other standard style, to contain the
following sections [of estimated-only length]:
Introduction (1 page, max)
Introduce why the topic is important for energy economics in a modern society and state the
objective(s) and methodology of your paper.
Literature Review (1 page, max.)
Set the stage for the importance and pertinence of your paper with a brief historical and/or analytical
review of your topic with clear references to your sources, such as the Dilemma.
Discussion and Analysis of Issue(s) (7-10 pages)
Based on your literature review, in the context of the Dilemma as well as current and recent events and
issues, analyze and discuss the economics and energy issues relevant to your topic. This must not
include lengthy descriptions of the topic (such as what are the various forms of geothermal power) or
massive technical specs, but focus on the intent of the paper. And please do not include unfounded
speculation or personal opinions, as this is not to be an essay about your feelings.
Conclusions/Recommendations (1 page)
Summarize your findings and thoughts.
References (1-2 pages)
Cite your references, at least 5 more than the Dilemma and other course materials in this course,
depending on the breadth or specificity of your chosen topic. No more than three (3) web sites may
count toward the minimum of 5 references – Wikipedia is not a qualified source.
Grading
It is assumed – actually, required – that students have the basic English skills to write college-level
documents prior to taking this course. Therefore the energy papers will be evaluated more on higher-level
critical thinking skills, analysis, argument, and synthesis and how well they are used to create persuasive
and/or descriptive documents on a topic relevant to the student. Your paper also will be evaluated on the
relevance, clarity, and integrity of the information; quality of references and information, such as
distinguished source data rather than newspaper accounts (unless that is at the heart of your topic); quality,
depth and use of analysis rather than conjecture, loose thinking, preconceptions or “everyone knows”
shortcuts; clarity of the presentation and use of visual aids; the application of economics; critical thinking;
ties to the Dilemma; and the discussion offered. Credit will only be given for papers turned in on time; you
are upper division students and are expected to arrange your schedule so that the paper is complete,
accurate and on time, taking into account the risks of such happenings as unexpected assignments from
other faculty, electricity outages, hungry pets and personal crises. CSUS information on plagiarism may be
found at http://library.csus.edu/content2.asp?pageID=316.
Key Dates
Thursday March 6
Thursday April 10
Thursday May 8
Tuesday May 20
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First Mid-term exam
Second Mid-term exam
Term (Policy) paper due
Final Exam 3:00 – 5:00 pm
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Estimated Schedule Spring 2014
Part
Dates
Topics
Chapters
Part 1
01/28 thru 3/6
Natural Resources and the Economy,
1,2
Supply, Demand,
3,4
Efficiency, Sustainability, and Markets
5,6
Public Policy, Natural Resource Analysis,
7,8,9
Minerals, and Energy
10,11
Forests, Fisheries,
12,13
Land, Water, the Dilemma
14,15
Part 2
Part 3
3/11 thru 4/10
4/15 thru 5/15
Grades
Letter Grade
Percentage
Performance
A
93-100%
Excellent Work
A-
90-92%
Nearly Excellent Work
B+
87-89%
Very Good Work
B
83-86%
Good Work
B-
80-82%
Mostly Good Work
C+
77-79%
Above Average Work
C
73-76%
Average Work
C-
70-72%
Mostly Average Work
D+
67-69%
Below Average Work
D
60-66%
Poor Work
F
0-59%
Failing Work
Course Structure
In the Classroom —
The nature of the course will be face-to-face lecture, augmented with whiteboard explanations and
PowerPoint slides.
Announcements —
Announcements will usually be made during lectures, but sometimes also sent by email or SacCT. Be sure your email address is current with CSUS and your mailbox is not full.
Responsibilities —
I will come to class well prepared; respond to and encourage questions and other appropriate class participation;
grade your quizzes, exams and any other assignments fairly and in as timely a fashion as possible; be available
during office hours and for scheduled appointments; let you know as soon as any changes are made to the schedule,
course or class meetings; and do my best to stimulate your appreciation, interest and enthusiasm for economics.
The textbook brings as much humor to the study of economics as is feasible, given course material.
I expect you to read the syllabus thoroughly and understand the ground rules; attend and actively participate in class;
complete all the assigned readings in a timely manner; ask questions when you are lost or confused; ask questions
even if you fear they might be “dumb” or that you’re the only one who doesn’t get a point (believe me, you are not
alone); seriously think about the material and study for and complete all quizzes, midterm and a final examination. I
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also expect that you will refrain from asking me to make special exceptions just for you concerning requirements laid
out in this syllabus.
Caveat Emptor – As you have learned by virtue of having successfully completed economics courses, economics is
a discipline that is built up cumulatively, brick by brick, so is not a subject that you should let slide until the last
minute, fall behind on readings or fail to ask questions as soon as you realize you don’t understand something. Ask
classmates, an economics student assistant or me. Forming study groups is also a good way to learn the material.
Even if you are the best student in the group, you will still learn through your efforts to explain the material to
others. If at any point during the semester you are having difficulty, PLEASE come see me sooner rather than later.
If you do keep up with the material, most of you can do well in the course.
Exams, Assignments and Readings
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Credit for above-average class participation is very difficult to achieve if you are not in class.
I may or may not take roll each class at or near the beginning of the lecture, so punctuality matters.
Give yourself ample time to complete assignments. These assignments are challenging and important for
your performance in the class. I encourage you to spend time working through them carefully and to seek out
help from a classmate, an economics tutor, or me when you encounter problems.
Please ask me questions if you do not understand a part of the lecture or the readings. And please ask your
questions either in class or during office hours. I believe that it is particularly important that you ask your
questions during the class so that other students will be able to learn from them, too. You may fear that
you are the only one lost and that your questions will betray ignorance, but nothing could be farther from
the truth: many, if not most, students will have the same questions but hope that they will figure it out
somehow on their own. Also, the moment may pass and you’ll forget the question or the material itself.
Thus it is important not to give in to the temptation to hold the question until class is just over, when
everyone else and I will be departing for the next class and the next class and professor will be coming in.
Pop quizzes a n d i n - c l as s ex e r c i s e s will be given approximately 3-4 times per month, usually at the
beginning of class. They typically contain one short discussion question concerning either the previous
lecture or an assignment made for that day.
Exams are closed book and given in class. All exams are comprised of written response, true/false and
multiple-choice, TFD and essay questions, requiring a large Blue Book, Scantron 882-E form. Please use a
pen for the written questions and a No. 2 pencil for the Scantron questions.
All exam dates are already scheduled and fixed – March 6, April 10 and May 20. As there are no make-up
exams, these dates are set in concrete so that you can arrange to be here for them.
Free peer tutoring in economics for this class is available in the Department of Economics. Tutoring hours
typically are posted in the Department office during the first week of classes.
Policies
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As a student in this course (and at this university) you are expected to maintain high degrees of
professionalism, commitment to active learning and participation in this class and also integrity in your
behavior in and out of the classroom. Academic honesty is expected. Students suspected of cheating will be
reported to Judicial Affairs.
There will be no makeup quizzes or examinations. Exam dates are given in the course outline. This is to avoid
any potential conflicts. Attendance is both expected and highly recommended. If you miss a class, be sure to
check with your fellow classmates, to see what material you missed; I recommend finding at least one “study
buddy” or join a study group to facilitate information flow for exams or in case of an absence. Come to class on
time; you will not be given extra time if you are late for a pop quiz or an exam. You are required to register for
MEL.
If you decide to withdraw from this class, make sure you do so with the registrar. If you withdraw without
permission, you will be assigned a failing grade. Once a student submits work for a grade, he/she will not
assigned a grade of “WU” under any circumstances. Keep mobile devices off during class, including laptops.
If you wish to use your laptop during class, please come speak with me. You may not use your phone/MP3
player as a calculator on exams. You may use a calculator without programming capabilities.
Keep the all your exams and quizzes and problem sets until after receiving your final grade, for future
reference.
I will be available by phone during office hours, so if you have questions and cannot get to my office then,
please phone them in. remember, though, I already may have students in the office.
A person with a documented illness o r o t h er val id excu s e s u ch as requ i red mi l i t ar y s ervi ce for
missing one midterm exam will have the weight of his/her midterm added to their final exam, so that their final
exam will be 90% of the grade. Failure to provide the required documentation within one week from the date
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of the exam will result to a grade of zero for the exam.
No cell phones, please!
If you have a learning disability or a physical disability that requires accommodation, please let me know as
soon as possible. It is the student’s responsibility to provide documentation of disability to the Office of
Services to Students with Disabilities (SSWD) and meet with a SSWD counselor to request special
accommodation before classes start. SSWD is located in Lassen Hall 1008 and can be contacted by phone at
(916) 278-6955 (Voice) (916) 278-7239 (TDD only) or via email at sswd@csus.edu.
All needs that have been verified through the Services to Students with Disabilities (Lassen Hall) will be
accommodated.
Life Lessons
If you find that you have any trouble keeping up with assignments or other aspects of the course, make sure
you let me know as early as possible. As you will find in life, building rapport and effective relationships are
key to becoming an effective professional. Make sure that you are proactive in informing your instructors
when difficulties arise during the semester so that they can help you find a solution.
Dropping this
Course
It is the student’s responsibility to understand when they need to consider dis-enrolling from a course.
Refer to the Sac State Course Schedule for dates and deadlines for registration. After this period, a
serious and compelling reason is required to drop from the course. Serious and compelling reasons
includes: (1) documented and significant change in work hours, leaving student unable to attend
class, or (2) documented and severe physical/mental illness/injury to the student or student’s family.
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