20809228Environmental Economics
Course Information
Description
This course prepares the student to analyze the interaction between economic activity and the earth’s physical environment. Emphasis is placed on the impacts surrounding natural resource markets, including energy and minerals, agriculture, forests, fisheries and tourism. Economic concepts include social welfare analysis, externality costs, market failure, the time value of money, economic valuation of non-market goods, definitions of economic efficiency, risk analysis and definitions of “growth”. Environmental impacts may include toxicity to ecosystems, species extinction, soil erosion, fresh water quality and availability, degradation of the marine environment, air pollution, ozone depletion and global warming. Political issues include, but are not limited to the trading of pollution credits, the debate over nuclear power, genetic engineering issues, land use planning, environmental racism, international dynamics and inter-generational equity.
Total Credits
3
Course Competencies
  1. Examine the behaviors characteristic to participants of a market economy
    Assessment Strategies
    through participation in class discussions and questions/responses during class.
    through successful completion of quizzes during class time
    Criteria
    you investigate the concept of "opportunity costs"
    you identify the supplier and demander in a market
    you estimate the equilibrium price in a competitive market accurately
    you determine the impact of a price ceiling and price floor estimating the resultant shortage or surplus in the market
    you sketch a production possibilities curve identifying points on the graph representing inefficient, maximum and infeasible production levels

  2. Distinguish between the conditions of perfect competition and market failure
    Assessment Strategies
    through successful completion of worksheets
    through successful completion of in-class current events project
    on graded written examination
    Criteria
    you communicate the "market failure" and the implications for interference with optimum resources allocation
    you identify examples of monopolies resulting in market failure
    you identify examples of imperfect information leading to market failure
    you identify examples of economic externalities leading to market failure

  3. Identify examples of environmental externalities.
    Assessment Strategies
    through regular class attendance and oral participation in class
    through completion of reading assignments
    through completion of written homework assignments
    through written responses on exams
    Criteria
    you identify the elements of a healthy ecosystem
    you identify elements of environmental degradation
    you analyze a cause-effect relationship between economic activity and environmental impact
    you recognize the instances where the cost of some environmental impact is not included in the economic transaction surrounding that economic activity

  4. Compare the costs and benefits of various economic projects using a variety of quantitative methodologies.
    Assessment Strategies
    through successful completion of homework assignments
    through accurate and appropriate calculations on a closed book examination
    Criteria
    you identify the full range of costs and benefits in a project
    you utilize a discount rate to adjust costs and benefits over time
    you calculate a cost-benefit ratio
    you calculate a net present value of costs and benefits

  5. Integrate environmental impacts in the quantitative analysis of economic projects.
    Assessment Strategies
    through successful completion of quantitative homework assignments
    through accurate completion of quantitative exam problems
    Criteria
    you demonstrate a variety of quantitative techniques to quantify environmental impacts
    you adjust supply and demand schedules to indicate quantitative changes in social surplus
    you assess the validity of a contingent valuation study

  6. Compare and contrast positive and normative criteria for economic policy.
    Assessment Strategies
    through class participation via oral presentations and discussion
    through performance on examinations
    through written homework assignments
    Criteria
    you identify examples of positive economic analysis
    you identify examples of normative economic analysis
    you compare and contrast normative and positive analysis identifying the appropriate use of these analyses in economics

  7. Debate the theory that the optimal allocation of societies' factors of production is the result of rational self- interest in a competitive market
    Assessment Strategies
    by performance during in-class debate
    on written examination
    Criteria
    you examine competing political views
    you defend an assigned intellectual position during oral debate in class

  8. Develop a personal position towards the integration of environmental impacts in economic analysis
    Assessment Strategies
    by submitting a written paper assignment
    when you make a presentation in class
    when you comment on other students' presentations during class discussion
    Criteria
    you differentiate between objective and subjective analysis
    you defend a personal conclusion with both economic and ethical arguments
    you share their personal opinion with the class