Aims

To set out the basic theory of how environmental resources such as minerals, wild animals (e.g. fish or elephants), the assimilative capacity of the atmosphere, or the diversity of the biosphere, can be allocated to maximise some economic objective, but also to examine the major concerns of environmental economists – sustainability pollution, externalities and non-market public goods from a policy perspective.

Outline Of Syllabus

Sustainability concepts; Introduction to Growth Functions and Extraction Paths/Maximum Sustainable Yield;
Optimal Resource Extraction: Non-Renewable Resources ; Optimal Resource Extraction: Renewable Resources; Problems With Optimisation: Optimal Extraction Of “Transitional” Resources: e.g Assimilative Capacity Of The Atmosphere; Environmental Valuation ; Pollution; Economic Growth and the Environment: Environmental Kuznets Curve

Teaching Rationale And Relationship

Lectures explain the basic economic theory underpinning optional natural resource exploitation and environmental problems.
Seminars enhance learning and provide an opportunity for students to monitor their own progress through problem solving and discussions and orally present economic arguments relating to the natural environment.
Private study provides opportunity for students to monitor their own progress through problem solving and discussions.

Assessment Rationale And Relationship

The unseen examination at the end of Semester 1 is designed to encourage study and to test student understanding of the fundamental theoretical and empirical underpinnings of natural resource ad environmental economics.

Study Abroad Alternative Assessment: 100% Essay