University of Alberta (UOFA)

The lecture notes cover the following: 1. How do tradable permit systems work in theory and in the real world? 2. What happens under a tradable permit system?

The document covers the following: 1. How do we model our problems going forward? 2. What are the different kinds of standards in theory and the real world? 3. What happens under a standard?

The documents cover the following questions: 1. Can we achieve an efficient outcome without government intervention? 2. What does the Coase theorem say? 3. What are the limits to Coasean bargaining?

What are market failures? When do they happen? What are the consequences?

What's enviro econ? First, what is economics? Economics: the study of how agents (people, firms, etc) make choices with scarce resources and the social results of these choices Everything is scarce compared to wants and needs. We need to choose among alternatives and make trade-offs. These ideas can be applied to the environment.

The document covers emission taxes from environmental emission. 1. What are the different kinds of price instruments in theory and the real world? 2. What happens under a tax?

Central planning with public ownership has failed in China as it has done elsewhere This is because: Marx’s solution to capitalism is flawed Mao’s paranoia of insecurity overrides the interests of the common people The right choice to make China great again is to turn towards an open market economy (capitalism)

You need to answer all three questions, which carry equal weight. This is an open-book exam. For each question, you should provide a concise summary of the corresponding lecture, demonstrating your understanding of the content. You may incorporate your own opinions in your answers.

The rural-urban divide is an entrenched gap in productivity, income and living standards It is further aggravated by the village ownership of rural land It is frozen by the hukou system, in effect, one country with two two social insurance systems and two classes of people It is a fundamental source of poverty and social injustice It constrains household consumption and leads to a ridiculously high national saving rate And it is also the root of cheap labor and the Chinese advantage

What has been accomplished in urbanization? Why is the current mode unsustainable? What should be the right way?