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About ECON 391 Economics of The Environment: What Is Environmental Economics?
This chapter introduces environmental economics and discusses key concepts. It defines environmental economics as the study of how economic activities affect the natural environment and how to encourage sustainable resource use. It outlines important microeconomic concepts like efficiency, equity, externalities, and property rights. It explains that people pollute because pollution disposal is often the cheapest option, and that lack of well-defined property rights over environmental resources like air provides little incentive to consider pollution costs. It uses vehicle emissions as an example of an externality, where drivers do not pay the full social costs of the pollution they cause.
Detailed Information
| Author: | ['ak'] |
|---|---|
| Publication Year: | 2021 |
| Pages: | 50 |
| Language: | English |
| Format: | |
| Price: | FREE |
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