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  5. ECS2606 - Environmental Economics (ECS2606)

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Summary Notes for Environmental Economics

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These summaries contain chapters from Environmental Economics: An Introduction (Seventh and Eighth Edition) by Barry C. Field and Martha K. Field.

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  • Chapters 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 18, 21
  • October 4, 2021
  • 100
  • 2021/2022
  • Summary

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Environmental Economics Notes for
ECS2606. Notes are based off the
eighth and seventh edition of
Environmental Economics: An
Introduction by Barry C. Field and
Martha K. Field

The chapters of the book correspond
to those in the ECS2606 Study Guide




Environmental
Economics
Summary Notes

, CHAPTER 2
THE ECONOMY AND THE
ENVIRONMENT

,The Environment and the Economy

o Economy – collection of technological, legal and social arrangements where individuals in society
seek to increase material and spiritual well-being.

o Two elementary economic functions pursued by society:
Production:
Activities that determine quantities of goods and services produced and technological
and managerial means where production carried out.
Distribution:
Way goods and services divided up or distributed among individuals and groups that
make up society.
Consumption – final utilization of goods and services.

o Residuals – production and consumption activities produce leftover waste products which find way
back into natural world.

o Residuals may lead to pollution or degradation of natural environment.




o Natural Resource Economics:
Study of nature in role as provider of raw materials.
Link marked (a) represents raw materials flowing into production and consumption.

o Environmental Economics:
Study of residuals flow and its resultant impacts in natural world.
Link labelled (b) shows impact of economic activity on quality of natural environment.

Types of Environmental Economics

Environmental Economics

o Sub-field of neoclassical economics.

o Neoclassical economics framework:
Attempts to assess everything in monetary terms, increased output and better income
distribution, using tools such as supply and demand.
Natural entity does not have intrinsic value = not valuable in own right, rather value of
natural entity measured in terms of what it can contribute to economy.
Degrading environment can be replaced by man-made capital = total value of capital.

, Ecological Economics

o Views economy as subsystem of larger environment.

o Environment has intrinsic value.

o Larger economy can compensate for loss of environment by increasing man-made capital.

o Efficiency considerations in economy = not all-important.

o Supply and demand and other neoclassical tools = not adequate in study of relationship between
environment and economy.

o Interdisciplinary focus, which uses tools from economics, ecology and sociology, necessary to
ensure that economy not creating unfavourable environment.

Natural Resource Economics

o Large part of total economic activity relies on extraction and utilization of natural resources.

o Application of economic principles to study of these activities.

o Mineral economics
What is appropriate rate at which to extract ore from mine?
How do exploration and addition to reserves to respond to mineral prices?

o Forest economics
What is appropriate rate at which to harvest timber?
How do government policies affect harvest rates pursued by timber companies?

o Marine economics
What kinds of rules need to be established for managing fisheries?
How do different harvest rates affect stocks and fish?

o Land economics
How do people in private sector make decisions about use of land?
How do laws of property rights and public land-use regulations affect way space devoted to
different uses?

o Energy economics
What are appropriate rates for extracting underground petroleum deposits?
How sensitive is energy from renewable sources to change energy prices?

o Water economics
How do different water laws affect way water utilized by different people?
What kinds of regulations should govern reallocation of water from agriculture to urban
areas?

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