Depletion, Exhaustibility, And Conservation

RENEWABLE VS. NONRENEWABLE NATURAL RESOURCES Nonrenewable resources, such as minerals, are the inevitable center of attention in discussions of depletion and exhaustion. Nevertheless, it may well be proper to regard some nonrenewable resources as not subject to exhaustion, and renewable resources may sometimes be treated as if they were finite stocks. Thus, the availability of nonrenewable resources is not and probably never will be known completely Chap. 2.5A, and therefore is not subject to firm predictions concerning exhaustibility. Moreover, because exploration and discovery are more or less continuous processes it is often appropriate to regard mineral supplies as flows, and to treat the estimated reserves as working capital, an inventory, continually depleted by use and augmented by discoveries.23 The aggregate economically exploitable stocks of a given mineral are seldom estimated (or estimatable) with precision, as Chap. 2.5A shows, and even when they are, forecasts concerning years of remaining life can be and often are falsified by changes in one or more of the multidimensional conditions of supply and demand; or the productive services formerly derived from an exhausted stock may continue to provided without material impairment by one or more substitutes b Conversely, the renewable resources are all subject to depletion when the rate of use exceeds the natural or induced rate of replenishment, and cases of exhaustion or near exhaustion, as through soil erosion, overcuttmg of forest lands, and overfishing, are rather common c Where exhaustion is a clear possibility the resource may either be exploited on a consciously adopted "sustainable yield" basis or be treated as an exhausting asset." In some cases, conscious treatment