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 (climate change), 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 (the valuation of) non-market public goods from both an analytical and 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; Social Cost of Carbon (Climate Change); 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.
Structured Guided Reading sessions will develop competence in reading and interpreting academic Journal articles.
Private study provides opportunity for students to monitor their own progress through problem solving and discussions.

Assessment Rationale And Relationship

The written exercise at the end of Semester 1 is designed to encourage study and to test student understanding of the fundamental theoretical and empirical underpinnings of one or more selected topics within the module and to demonstrate information gathering and interpretive skills with respect to an academic Journal article. natural resource ad environmental economics.