Skip to 0 minutes and 7 secondsDecisions about the management of natural resources is something which affects us all. Are natural resources something we should conserve for future generations, or are they just a commodity to be financially exploited? For some, this decision is simple, but as we regularly hear through the news and social media, different people place different values on nature. And questions such as this can leave societies divided.
Skip to 0 minutes and 36 secondsThis course is about the institutional economics of natural resource management. Institutional economics is something of a forgotten science, currently experiencing a resurgence. It's about how laws and social norms affect economic transactions and form the incentive structures of society. I'm Professor Jon Lovett, Chair in Global Challenges at the University of Leeds. My role here is to guide you through this course. We start by exploring three basic principles-- the principles of justice, the principles associated with transaction costs, and the problem of aggregating social preferences. These principles will be applied to a case study and inform discussion on justice in natural resource management.
Skip to 1 minute and 19 seconds We close the course with a discussion about the forests and irrigation systems in Nepal - where the caste system has historically resulted in injustice in access to natural resources. I've invited some of my friends and colleagues from Nepal into the course so that they can share their own experiences. So, how can we ensure fairness and justice when considering the management of natural resources? I look forward to hearing your thoughts and joining your discussions on the course.