"Resource Economics is a text for students with a background in calculus and intermediate microeconomics and a familiarity with the spreadsheet software Excel. The book covers basic concepts (Chapter 1), shows how to set up spreadsheets to solve simple dynamic allocation problems (Chapter 2),...

"Fisher (1904, p. 387) defined capital as "a stock (of wealth or property, or the value of either) existing at an instant of time." Fisher's conception of capital is inextricably linked to time. The value of a capital asset is derived from its potential to provide a flow of benefits through the...