Welcome to Environmental and Natural Resource Economics
Here is the syllabus for Winter 2018.
Economics 255: Environmental and Natural Resource Economics
Winter 2018
Instructor: Jim Casey _
Contact Info: 119 Holekamp Hall, Ext. 8102, Email: Caseyj _
Prerequisite: Economics 101
Office Hours: and by appointment
For it may be observed, that in all Polytheistic religions, among savages, as well as in the early ages of Heathen antiquity, it is the irregular events of nature only that are ascribed to the agency and power of their gods. Fire burns, and water refreshes; heavy bodies descend, and lighter sub- stances fly upwards, by the necessity of their own nature;; nor was the invisible hand of Jupiter ever apprehended to be employed in those matters.
The Theory of Economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its possessor to draw correct conclusions.
The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist.
Contents: _(1) Course/Learning Objectives _(2) Grading and Conduct_(3) Course Outline
1. Course/Learning Objectives:
This course provides an introduction to both environmental and natural resource economics. Throughout the semester we will demonstrate how economic principles can be and are being used in public and private decision making involving the management and use of environmental and natural resources. Aspects pertaining to fisheries, forests, agriculture, conservation and various policies to reduce air, water and toxic pollution will be discussed. We will spend a significant amount of time looking at the relationship between energy acquisition, pollution and global climate change. The lectures, reading assignments, discussions and papers will emphasize the use of microeconomic analysis for dealing with environmental and natural resource management and policy.
By the end of the semester, (1) you should be able to analyze current environmental and natural resource management issues using basic economic models. (2) You should be familiar with the concept of market failure and (3) how non-market valuation techniques are used to value environmental and natural resources. Lastly, (4) you should be comfortable using economic analysis to explain policy interventions aimed at reducing environmental externalities.
2. Assignments, Grading and Conduct:
(1) Bi-Weekly Quizzes (5/6): 25%
(2) Blog Posts: 10%
(3) Exam 1: 35%
(4) Final Paper: 30%
(1) We will have a quiz on random Thursdays at the beginning of class. The quiz will consist of three or four questions from material that was covered in class on Tuesday. If you miss class on Thursday, you will NOT be allowed to make up the quiz. I will drop your lowest score.
(2) Every Thursday, after the quiz, we will discuss a paper/papers. You will be responsible for posting a comment on the blog by Wednesday at 8pm. Your comment should NOT be a summary. It should be a question about or critical insight from the paper and/or a previous blog comment.
(3) We will have an hour exam at the end of week 6.
(4) The paper is due the last day of class. Guidelines and Instructions are at the bottom of this page.
Classroom and Course conduct: As a courtesy to your classmates, please turn off all cellphones at the start of class. Also, use the restroom before class and do not get up during class to leave the room. If you are having an emergency then please raise your hand and I will certainly dismiss you from class. Lastly, be on time – please do not enter the classroom late.
It is important to note that lectures and class discussion will complement rather than substitute for the reading, sometimes providing alternative approaches. Therefore, both reading and attendance are strongly advised, and arrangements should be made to find out what was covered in class when attendance becomes impossible. I will make every attempt to respond to class-related emails within 24 hours. This policy does not apply to weekend days, so do not expect responses to emails during the weekend. I will also not respond to emails asking questions that are clearly answered on the syllabus or via prior emails: e.g. when is the problem set due?
Questions about grading of any assignment or exam must be addressed within one week of its return. Questions must be presented in writing. I make plenty of mistakes so don’t be afraid to ask.
Washington and Lee University makes reasonable academic accommodations for qualified students with disabilities. All undergraduate accommodations must be approved through the Office of the Dean of the College. Students requesting accommodations for this course should present an official accommodation letter within the first two weeks of the term and schedule a meeting outside of class time to discuss accommodations. It is the student’s responsibility to present this paperwork in a timely fashion and to follow up about accommodation arrangements. Accommodations for test-taking should be arranged at least a week before the date of the test or exam.
4. Outline with assigned readings:
SECTION 1 – Background, Theory, Methods
Week 1:
What is Environmental and Natural Resource Economics?
How do Economists Think about the Environment?
Week 2:
Markets and Market Failure
Market Failure and Government Intervention
Week 3:
Seminal Readings in Environmental Economics
Sustainability: An Economist’s Perspective
Week 4:
Environment and Development Linkages
The Relationship between Environment and Development
Macroeconomics and the Environment
Valuing the Environment
SECTION 2 – Natural Resource Economics
Week 5:
Forests, Biodiversity and Agriculture
Week 6:
Water, Oceans and Corals
SECTION 3 – Environmental Economics
Week 7:
Environmental Justice - Air and Water Quality, Race and Health Outcomes
Week 8:
Energy Acquisition and Dissipation
Week 9:
Climate Economics
Week 10:
Climate Policy
Week 11:
Guest Speakers – Topics TBD
Week 12:
Nudges for the Environment - TBD
Neuro-Conservation - TBD
------------------------------------------------------------------
ECON 255 – final paper assignment
12 pt. font
double-spaced
2pp. (print front and back)
Links for examples of “how-to.”
https://ignatiansolidarity.net/wp-content/uploads/2013/12/Sample-Letter-to-Congress-Minimum-Wage.pdf
Dear ……..
I am _______ a student of _________ and a voting citizen of ___________.
I am writing to encourage you to support/not support _____________.
There are many arguments for/against, but I am only going to use an economic point of view.
Identify an economic principle from which to argue – e.g. opportunity cost, public goods, spillover effects, incentive effects, negative externalities, unintended behavioral consequences….
Casey and Kahn (2008) found …………. Try to find 3 or 4 primary sources to support your argument.
In closing, I hope my argument will help you ……………..
Please attach a citations page.
I appreciate Fullerton and Stavins’ clarification of how money is just a common unit utilized in benefit-cost analysis. I agree that money is a pragmatic method of valuation and helpful when assessing environmental and resource decision-making. This method was used in a case where the U.K. looked at whether to raise speed limits from 70 to 80mph. This would undoubtedly lead to an increase of crash-related deaths, but a lot of time saved on the road. Ultimately, it was decided how many saved hours of driving constitute one life. This example is similarly complex and controversial as many environmental and ethical questions of today. This paper does a good job of demonstrating that economists aren’t “concerned only with the financial value of things,” as Fullerton and Stavins write. This clarification is an important one to make, especially when discussing controversial tasks such as valuing of life or morbidity. Money is used to value statistical life and represent important “non-use value” aspects of goods, services, resources, and ecosystems. Environmental resources would fall under “non-use value” maybe more than physical resources, but nonetheless need to be accounted for properly. Fullerton and Stavins site wilderness areas and endangered species as two examples of “non-use value” that economists have been valuing for their protection with money. In economics, money is one way to express the importance of some of the price-less aspects of this world.
ReplyDelete