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Faculty for Business Economics and Finance, Educons University , Kamenitz , Serbia
Faculty for Management, Metropolitan University , Belgrade , Serbia
As part of strategic environmental management, the need for sustainable management of natural resources is of primary importance. The essence of natural resource management is to enable the unhindered development of society, without reducing natural capital. Management of renewable and non-renewable natural resources is based on a systematic approach to understanding the long-term dynamics of complex interactions of social, economic and natural systems. The analysis of renewable resources should focus on researching certain types of resources. It is vital to take into account the ecological balance and interdependence of species. Consequently, the issue of optimal use of a specific renewable resource can be very complex because the optimal use of a number of interdependent species needs to be explored. In natural resource management, the key microeconomic technique in determining an efficient allocation is to determine the discount rate. In short, it is the annual rate at which future benefits or costs are discounted to current benefits or costs. For the management of renewable natural resources, the basic rule of optimal utilization is a discount rate equal to the sum of the biological growth rate and the growth rate of the value of capital, which ensures that exploitation is limited to a sustainable level. There is a rule for nonrenewable natural resources: the discount rate is equal to the growth of the value of capital, which means that the growth rate of resource utilization prices should be equal to the discount rate.
environmental management, renewable natural resources, nonrenewable natural resources, discount rate
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