Fall 2011 Description Update:
An introduction to the theory and practice of environmental economics. Topics to be covered include: economy-environment interlinkages; nature of environmental assets and why markets fail to allocate environmental assets efficiently; economic approach to valuing nature; an economic model of environmental quality; environmental policy design and instrument choice; applying the theory to critically assess current approaches to controlling water and air quality.
Calendar Description:
An examination of the economic principles and practices for using environmental resources such as air, water, and natural environments. The economically optimal use of these resources is contrasted with actual uses in modern economies. Government policies are examined in theory and in practice. Cost benefit analysis is presented as a technique for evaluating public sector projects using environmental resources.
Prerequisites:
ECON 110 or ECON 111