Economists inside and outside of the Austrian-school tradition have formulated a subjectivist theory of mineral resources. While von Mises (1940) presented a rudimentary theory, institutionalist Zimmermann (1933 and after) provided an indepth mind-centered approach distinct from the objective, neoclassical theory for minerals developed by Jevons (1865, 1866), Gray (1913), and Hotelling (1931). ...
