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ENVIRONMENTAL ECONOMICS

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Title: ENVIRONMENTAL ECONOMICS


1
ENVIRONMENTAL ECONOMICS
  • What is it all about?

2
INTRODUCTION
  • Natural Resources includes all the original
    elements that comprises the Earths natural
    endowments or the life-support systems air,
    water, the Earths crust and radiation from the
    sun.

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  • Some representative examples of natural resources
    are
  • arable land,
  • watersheds and wilderness areas,
  • mineral fuels and nonfuel minerals,
  • the ability of the natural environment to
    degrade waste and absorb ultraviolet light from
    the sun.

4
Natural Resources
  • Traditional Classification of Natural Resources
  • Renewable
  • Non-renewable

Biological
Flow
Recyclable
Non-recyclable
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6
The Nature and Scope of Environmental Economics
  • The key issues addressed in this course are
  • the causes of environmental degradation
  • the need to re-establish the disciplinary ties
    between ecology and economics
  • the difficulties associated with assigning
    ownership rights to environmental resources

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  • the trade-off between environmental degradation
    and economic goods and services
  • the ineffectiveness of the market, if left alone,
    in allocating environmental resources
  • assessing the monetary value of environmental
    damages
  • public policy instruments that can be used to
    slow, halt and reverse the deterioration of
    environmental resources

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  • the macroeconomic effects of environmental
    regulations and other resource conservation
    policies
  • the extent to which technology can be used as a
    means of ameliorating environmental degradation
    or resource scarcity
  • environmental problems that transcend national
    boundaries, and thus require international
    cooperation for their resolution

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  • the limits to economic growth
  • the extent to which past experience can be used
    to predict future events that are characterized
    by considerable economic, technological and
    ecological uncertainty
  • ethical and moral imperatives for environmental
    resource conservation--concern for the welfare of
    future generations

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  • The interrelationships among population, poverty
    and environmental degradation in the developing
    countries of the world
  • the necessity and viability of sustainable
    development

11
The Unique Features of Environmental Economics
  • First, the ultimate limits to environmental
    resource availability are imposed by nature. That
    is, their origin, interactions and reproductive
    capacity are largely governed by nature.
  • Second, most of these resources have no readily
    available markets for example, clean air, ozone,
    the genetic pool of a species, etc.

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  • Third, no serious environmental economic study
    can be entirely descriptive. Normative issues
    such as intergenerational fairness and
    distribution of resources between the poor and
    the rich nations are very important.

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  • Fourth, uncertainties are unavoidable
    considerations in any serious study of
    environmental and natural resource issues. These
    uncertainties may take several forms, such as
    prices, irreversible environmental damage, or
    unexpected and sudden species extinction.

14
Human Perspectives of Long Term Global Problems
  • Human perspective over space and time
  • In general, the larger the space and the longer
    the time associated with a problem, the smaller
    the number of people who are actually concerned
    with its solutions.

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  • Possible factors influencing the human
    perspectives are
  • Social, cultural and moral values
  • Economic conditions
  • Belief (faith) in human wisdom and farsightedness
  • ignorance
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