The Groundbreaking First Volume of Resource Economics Review
Imagine standing at the intersection of human progress and planetary survival—this is where the field of resource economics resides. In 2009, as the world grappled with the aftermath of a global financial crisis and growing concerns about climate change, a pioneering academic publication emerged to bridge these seemingly disparate worlds: the first volume of the Annual Review of Resource Economics.
This groundbreaking preface, authored by leading economists Gordon Rausser, V. Kerry Smith, and David Zilberman, announced the arrival of a dedicated platform for examining how societies manage their most precious assets: natural resources 1 .
The journal's establishment represented a significant acknowledgment that traditional economic models had largely failed to account for the complex relationship between human economic systems and the natural resources that sustain them.
At its core, natural resource economics examines how societies allocate scarce natural resources toward various competing ends. Unlike traditional economics that primarily focuses on market transactions, this field expands its view to include the complex interactions between economic systems and ecological constraints.
The 2009 preface emphasized that this discipline doesn't treat natural resources merely as inputs for production but as complex assets that provide multiple, often interconnected, values to society 1 .
One of the most significant contributions discussed in the early volumes was the formalization of the ecosystem services framework. This approach systematically categorizes the various benefits that humans derive from natural systems:
"The journal's inaugural volume highlighted several foundational concepts that would become recurring themes in subsequent research, particularly the notion of sustainable development—the idea that economic progress should meet present needs without compromising the ability of future generations to meet their own needs."
The preface to the first volume underscored the methodological diversity that characterizes resource economics. Unlike more established economic fields, resource economics embraces approaches ranging from sophisticated mathematical modeling to empirical field studies and experimental economics.
| Methodological Approach | Primary Application | Key Strength |
|---|---|---|
| Econometric Analysis | Measuring relationships between economic and environmental variables | Identifying causal relationships in complex systems |
| Dynamic Optimization | Modeling intertemporal resource allocation | Capturing long-term consequences of current decisions |
| Experimental Economics | Testing behavioral responses to policy instruments | Revealing how real people respond to economic incentives |
| Ecosystem Service Valuation | Quantifying economic benefits of nature | Making invisible benefits visible to policymakers |
| Input-Output Analysis | Tracing economic-environmental linkages | Understanding sectoral interdependencies |
Traditional economic models dominate with limited environmental considerations
Rise of integrated assessment models and ecosystem service valuation
Expansion into behavioral experiments and complex system modeling
While the preface itself didn't detail specific studies, it set the stage for the type of rigorous research that would follow in the journal. Imagine a landmark study examining economic resilience in the face of fishery collapses—exactly the kind of research the journal was established to promote.
This hypothetical but representative study would employ a multi-method approach:
Researchers would collect data on fish stocks, economic indicators, policy frameworks, and community characteristics across dozens of fishing-dependent regions over a 30-year period.
The findings would likely reveal critical insights about the relationship between economic diversity and ecological sustainability. The most significant results might show:
Communities with diverse economic portfolios recovered more quickly from fishery collapses both in terms of economic indicators and ecological recovery.
| Community Type | Employment Recovery | Income Stabilization | Ecosystem Recovery |
|---|---|---|---|
| Monoeconomic | 7.2 years | 8.5 years | 9.1 years |
| Moderately Diversified | 4.3 years | 3.8 years | 6.2 years |
| Highly Diversified | 2.1 years | 1.9 years | 4.7 years |
| Policy Intervention | Short-term Impact | Long-term Sustainability | Acceptance Rate |
|---|---|---|---|
| Transferable Quotas | -15% | +82% | 42% |
| Seasonal Closures | -28% | +56% | 67% |
| Gear Restrictions | -22% | +61% | 58% |
| Ecosystem Management | -18% | +91% | 39% |
| Community Co-Management | -12% | +78% | 88% |
Resource economists employ a diverse array of research tools to investigate the complex relationships between economic systems and natural resources. While the preface didn't specify particular reagents or tools, it emphasized the interdisciplinary nature of the field's methodology 1 .
| Research Tool | Primary Function | Application Example |
|---|---|---|
| Dynamic Optimization Models | Analyze intertemporal resource allocation | Determining optimal harvest rates in fisheries |
| Ecosystem Service Valuation Methods | Quantify economic value of non-market benefits | Calculating the economic value of wetland water filtration |
| Social Cost-Benefit Analysis | Evaluate policy alternatives | Comparing renewable energy incentives to carbon taxes |
| Environmental Input-Output Models | Trace economic-environmental linkages | Understanding how agricultural policy affects water resources |
| Randomized Controlled Trials | Test behavioral responses to interventions | Measuring how different water pricing affects conservation |
Statistical modeling of resource allocation patterns and trends
GIS-based analysis of resource distribution and accessibility
Testing how real people respond to resource management policies
The 2009 preface to the Annual Review of Resource Economics did more than simply introduce a new academic journal—it helped legitimize and structure an emerging field of study. By establishing a dedicated platform for high-quality review articles, the publication made the increasingly complex literature on resource economics more accessible to scholars, policymakers, and practitioners 2 .
In the years since its launch, the journal has maintained its position as a leading publication in the field, with a 2024 impact factor of 8.4 and top rankings in multiple categories including Agricultural Economics and Policy, Environmental Studies, and Economics 2 .
The foundational preface set in motion an ongoing scholarly conversation that has only grown more urgent with time. As climate change accelerates and biodiversity loss approaches critical thresholds, the insights generated by resource economists have become increasingly vital to policymaking at local, national, and international levels.
The 2009 preface to the Annual Review of Resource Economics represented far more than an academic formality—it announced the arrival of a field that would fundamentally reshape how we think about the relationship between our economic systems and the natural world that sustains them.
"By establishing a dedicated platform for rigorous review and analysis, the journal's founders created an essential space for dialogue between economists, environmental scientists, and policymakers."
As we face increasingly complex environmental challenges, from climate change to water scarcity to biodiversity loss, the integrated perspective championed by resource economics has never been more valuable. The field continues to provide essential insights about how we can organize our economies to operate within planetary boundaries while promoting human flourishing.
The launch of an ongoing conversation that continues to shape how we value, protect, and utilize the natural resources upon which all economic activity ultimately depends.