3.40313 ENVIRONMENTAL ECONOMICS

The course studies the output side of the economy by addressing environmental and related issues caused by economic activities that are currently faced by developing countries. Environmental issues are now becoming a global concern, hence the need to warn countries to take precautionary measures whilst using resources. The pressure is now on all countries to use natural resources in an environmentally safe manner or sustainable development. By the end of the course, students should have a clear understanding of environmental problems faced by developing countries. Topics include economic-environmental systems, relationship and the role of environment in the economy, property rights, externalities and the role of government in environmental planning, and sustainable development and the environment, environmental valuation and methodologies, environmental accounting, environmental standards, taxes and subsidies, pollution and environment, cost-benefit analysis (CBA) impact analysis, Natural Resource Damage Assessment, and Economics of Biodiversity preservation.

Prerequisite: 3.20331; 3.20332

Text:

Field, B. C., 2001, Environmental Economics: An Introduction, 3rd Ed., McGraw Hill, Boston