ECO2204 Environmental Economics

As a sub-discipline of economics, environmental economics originated in the 1960s – the early years of the so-called environmental movement. However, despite its brief history, over the past four decades it has become one of the fastest-growing fields of study in economics. The growing popularity of this field of inquiry parallels the increasing awareness of the interconnectedness between the economy and the environment – more specifically, the increasing recognition of the significant roles that nature plays in the economic process as well as in the formation of economic value. 

Course Objectives
The nature and scope of the issues addressed in environmental economics are quite varied and all-encompassing. Below is a list of some of the major concerns addressed in this field of study. The list is also representative of the issues addressed in this course the,

• Causes of environmental degradation and establish the disciplinary ties between ecology and economics.
• Trade-off between environmental degradation and economic goods and services.
• Difficulties associated with assigning ownership rights to environmental resources.
• Ineffectiveness of the market, if left alone, in allocating environmental resources.
• Public policy instruments used to slow halt and reverse the deterioration of environmental resources. 
• Macroeconomic effects of environmental regulations and other resource conservation policies.

Course Learning Outcomes
Given the list of objectives stated above, ultimately students, at the end of the course, ought to have achieved the understanding of following, the:

• Linkages between the ecological and economic system 
• Factors that contribute toward environmental degradation and solutions 
• Effectiveness in allocation of property rights toward efficient environmental resource use 
• Adaptation of macroeconomic and public policy instruments to solve environmental challenges