Economics 324nr - Seminar: Topics in the Economics of the Environment-Natural Resources

How do we expect competitive markets to allocate natural resources? Will market systems result in excess pollution? Can market outcomes be improved in relation to the environment and natural resources? If so, what are the relative strengths and weaknesses of different approaches? This course examines these issues through discussion of the economic theories of externalities, common property and public goods, and their implications for the allocation of resources. The course explores these questions by analyzing specific policy issues and debates related to the environment and resource use including: climate change, pollution, biodiversity, energy, sustainability, land use and fishing rights. Through this exploration, the course touches upon a number of other theories and techniques including dynamic optimization and intertemporal choice, price vs. quantity regulation, nonmarket valuation, cost-benefit analysis and the use of incentive-based regulation. Prerequisites: ECO 220 and ECO 250. Enrollment limited to 12. Juniors and seniors only. Instructor permission required.

[CE] JR/SR only; Prereq: ECO 220 & 250