Introduces environmental and natural resource economics. Discusses fundamental economic concepts, including markets and private property. Includes basic tools used in the economic assessment of environmental problems and applies these methods to key environmental issues. Offered: jointly with ECON 235/ENVIR 235; Sp.
Environmental economics is the application of the principles of economics to the study of environmental resource management. The course delves on how and why individuals and institutions make economic decisions that have consequences for the natural environment. The objective of the course is to provide students with an ability to think about pressing issues and possible solutions in terms of enviro-economic choices and tradeoffs.
The course introduces students to the concepts, theories, and methods used in the economic analysis of environmental and natural resource issues.
Student learning goals
This course combines theoretical analysis with discussions on specific environmental policies as applied to water, air pollution, energy, climate change and human health issues. Within these examples, particular topics that will be covered are:
1. scarcity of resources and ensuing resource allocation choices
2. concept of economic valuation
3. marketsí role in allocating resources and the notion of market failure
4. economic analysis of pollution control and environmental valuation
5. Key domestic and international enviro-economic issues of relevance
General method of instruction
1. Lectures 2. Discussions 3. Case studies
No prerequisites. This is an introductory course. In this course, the foundations of economics as can be applied to environmental issues are introduced. Both non-economics and economics majors take this course.
Class assignments and grading