Mineral Economics - An Outline Of The Field

Our task is to make a prospecting trip over the whole field of mineral economics which other lectures of this series will explore in detail. The old timers who really understand mining warn us that its economic aspects are often neglected, and this we find to be true. We shall try to show that mineral economics deserves recognition as a separate branch of economic science with urgent and distinctive problems of its own; that to cultivate it requires a fusing of the viewpoint of economics with that of geology and engineering; and that the help of both economists and technical men is needed in exploring its problems and in training workers in the field. To save time, we shall pass over the familiar subjects of production, consumption, and distribution which bulk as large in the market analysis of the minerals as they do in other commodities. The existence of these problems may be taken for granted and attention centered rather upon those that differentiate mining from other branches of industry. What then is the case for an economics of minerals? Why set up a new compartment in a branch of knowledge that is already well subdivided? Do not the established principles of economic theory apply here as elsewhere? In pleading for recognition of mineral economics one often finds that