analysis, theory, and applications Conrad, Jon M. creator author. Rondeau, Daniel 1966- author. text bibliography nyu 2020 First Edition. monographic eng xiv,345 P. ; 25 cm. "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 production of goods and services. Fisher himself recognized natural resources as capital assets. To illustrate the relationship between stocks, flows, and time, he wrote "Capital of any kind always occupies a position, like that of a reservoir of water, intermediate between two flows, the inflow and outflow" (Fisher, 1897, p.512). The modern treatment of natural resources in economics is squarely constructed on this notion that resources are a reservoir of wealth, a production factor from which products and services (marketed or not) can flow over time. In some cases, like water in a reservoir, there may indeed be an inflow as well as an outflow, but this need not always be the case"-- Jon M. Conrad, Cornell University, New York, Daniel Rondeau, University of Victoria, British Columbia. Includes bibliographical references and index. Natural resources Management Mathematical models Economic development Mathematical models HC59.15 333.7 CON Conrad, Jon M.. New York : Cambridge University Press, 2020. First Edition. (DLC) 2019032613 9781108588928 2019032614 DLC 190808 20260228161818.0 21126767 eng