Course Code: ECON 4002
Academic Year: 2023-2024
This course applies microeconomic theory and analysis to environmental issues faced by businesses and governments globally. Students examine models for assessing trade-offs between environmental preservation and economic activity. Frameworks for examining and solving environmental problems are presented, developed, and used to explain standards, market mechanisms, mitigation, and adaptation. Economic concepts developed and applied include economic efficiency and welfare measurement; market failure and government intervention; impact, cost-effectiveness and benefit-cost analyses of environmental resources and policies; and the relationship between the environment and the aggregate economy. Specific environmental issues examined include water and air pollution, toxic and hazardous substances, local issues (solid waste and land use), and global climate change. The concept of sustainability underlies much of the discussion, as does the role of international institutions.