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ECON 440

Natural Resources and Environmental Economics

Economics College of Family, Home, and Social Sciences

Course Description

Economic theory applied to allocation of natural resources and environmental amenities. Issues relating to externalities, common property resources, public goods, allocation of depletable natural resources over time, economic factors of environmental polarization, and others.

When Taught

Fall and Winter

Min

3

Fixed

3

Fixed

3

Fixed

0

Recommended

Econ 382

Title

Econ 440 students will be able to

Learning Outcome

Utilize economic principles and models to address private and public policy issues related to allocating natural resources and environmental amenities. Demonstrate an active understanding of the following elements of economic theory as it relates to natural resource and environmental economics: Welfare economics and concepts of Pareto optimality, efficiency, and equity The role of property, property rights, and the bundle of rights concept The role of externalities, common property resources, and public goods Concepts and measures of economic value including non-market valuation. Demonstrate a basic knowledge of the role of markets and market failure with regards to the allocation of natural resources and environmental amenities. Gain a basic understanding of the effects and relative merits of public environmental policy efforts, including cap-and-trade schemes, Pigovian taxes, regulation, and public ownership and/or management. Become knowledgeable about and be able to use economic principles and non-market valuation techniques to address a variety of continuing and contemporary natural resource and environmental issues. These issues may include, but are not exclusive to: Population growth and the environment Global warming Wilderness protection and related public lands issues Air pollution and public health Intergenerational allocation of soil, forest, and other depleteable natural resources Impacts of environmental features on property values.