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Books > Earth & environment > The environment > Environmental economics
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Lecture Notes on Resource and Environmental Economics (Hardcover, 1st ed. 2020)
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Lecture Notes on Resource and Environmental Economics (Hardcover, 1st ed. 2020)
Series: The Economics of Non-Market Goods and Resources, 16
Expected to ship within 10 - 15 working days
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This book, based on lectures on natural and environmental resource
economics, offers a nontechnical exposition of the modern theory of
sustainability in the presence of resource scarcity. It applies an
alternative take on environmental economics, focusing on the
economics of the natural environment, including development,
computation, and potential empirical importance of the concept of
option value, as opposed to the standard treatment of the economics
of pollution control. The approach throughout is primarily
conceptual and theoretical, though empirical estimation and results
are sometimes noted. Mathematics, ranging from elementary calculus
to more formal dynamic optimization, is used, especially in the
early chapters on the optimal management of exhaustible and
renewable resources, but results are always given an economic
interpretation. Diagrams and numerical examples are also used
extensively. The first chapter introduces the classical economists
as the first resource economists, in their discussion of the
implications of a limited natural resource base (agricultural land)
for the evolution of the wider economy. A later chapter returns to
the same concerns, along with others stimulated by the energy and
environmental "crises" of the 1970s and beyond. One section
considers alternative measures of resource scarcity and empirical
findings on their behavior over time. Another introduces the modern
concept of sustainability with an intuitive development of the
analytics. A chapter on the dynamics of environmental management
motivates the concept of option value, shows how to compute it,
then demonstrates its importance in an illustrative empirical
example. The closing chapter, on climate change, first projects
future changes and potential catastrophic impacts, then discusses
the policy relevance of both option value and discounting for the
very long run. This book is intended for resource and environmental
economists and can be read by interested graduate and advanced
undergraduate students in the field as well.
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