20809228Environmental Economics
Course Information
Description
This course addresses the interaction between the economy and the environment. Market evaluations include energy, minerals, agriculture, forests, fisheries and tourism. Economic concepts include externality costs, market failure, cost-benefit analysis and definitions of growth. Environmental topics include public health, biodiversity, soil erosion, water quality and atmospheric impacts. Political issues include energy policy, pollution, genetic engineering, land use and environmental justice.
Total Credits
3
Course Competencies
  1. Examine the behaviors characteristic to participants of a market economy
    Assessment Strategies
    participate in class discussions
    complete homework assignments and quizzes
    Criteria
    investigate the concept of "opportunity costs"
    identify the supplier and demander in a market
    estimate the equilibrium price in a competitive market accurately
    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
    complete current events projects
    complete homework assignments and quizzes
    Criteria
    identify the example of "market failure"
    explain the implications for interference with optimum resources allocation
    identify examples of monopolies resulting in market failure
    identify examples of imperfect information or irrational behavior leading to market failure
    identify examples of economic externalities leading to market failure

  3. Identify examples of environmental externalities.
    Assessment Strategies
    attend class and participate in discussions
    complete reading assignments and written homework assignments
    complete written responses on exams
    Criteria
    identify the elements of a healthy ecosystem
    identify elements of environmental degradation
    identify cause-effect relationships between economic activity and environmental impact
    recognize 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
    complete homework assignments
    accurately complete calculations on quantitative problems
    Criteria
    identify the full range of costs and benefits in a project
    utilize a discount rate to adjust costs and benefits over time
    calculate a net present value of costs and benefits

  5. Integrate environmental impacts in the quantitative analysis of economic projects.
    Assessment Strategies
    complete quantitative homework assignments
    complete quantitative exam problems
    Criteria
    demonstrate a variety of quantitative techniques to quantify environmental impacts
    adjust supply and demand functions to internalize quantitative changes in social surplus
    review a variety of methodologies for internalizing externality costs

  6. Compare and contrast positive and normative criteria for economic policy.
    Assessment Strategies
    participate in class activities
    complete written assignments
    Criteria
    identify examples of positive economic analysis
    identify examples of normative economic analysis
    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
    participate in class discussions
    complete written assignments
    Criteria
    examine competing political views
    defend an assigned intellectual position

  8. Develop a personal position towards the integration of environmental impacts in economic analysis
    Assessment Strategies
    submitting a written paper assignment or presentation
    provide feedback on other students’ presentations
    Criteria
    differentiate between objective and subjective analysis
    defend a personal conclusion with both economic and ethical arguments