Use value, exchange value, and resource scarcity

I review the literature on natural resource scarcity indicators. Scarcity i ndicators can be classified by what is being measured: value of the resourc e stock or value of extracted resource commodities; who's value is consider ed: social vs. private scarcity; and by the mode of valuation considered: e xchange value and use value. Prices and rents are common measures of exchan ge value or indicators of "exchange scarcity" and unit costs can be seen as use value indicators or indicators of "use scarcity". The major aim of thi s paper is to demonstrate the links between productivity indicators such as unit costs and the classical concept of use value. The two classes of indi cator relate to John Commons' discussions of scarcity and efficiency, and a marginal vs. a non-marginal approach to value and scarcity. The classical use value concept also has wider relevance for issues of valuation in energ y, resource, and environmental policy. (C) 1999 Elsevier Science Ltd. All r ights reserved.