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Production, Growth, and the Environment - An Economic Approach (Hardcover)
Loot Price: R5,944
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Production, Growth, and the Environment - An Economic Approach (Hardcover)
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Written in a way that facilitates understanding of complex
concepts, laws, and policy, Production, Growth, and the
Environment: An Economic Approach explores how economic growth
usually makes people better off, but also asks at what
environmental cost? These costs are not often realized until after
the fact, when their remediation is more expensive, and sometimes
not reversible. Very few books on environmental economics model the
joint production of desirable and undesirable outcomes in any
depth. This book fills that void. It discusses the demographic
transition and the escape from the Malthusian trap. It also covers
the environmental Kuznets curve hypothesis that examines the
relation between polluting outputs and economic welfare. The book
integrates environmental valuation methods with the production
possibility frontier (PPF) approach. It presents both types of
outcomes in a PPF framework that accounts for scarcity and allows
the concepts of technical and allocative efficiencies to be
introduced and measured. The PPF can then measure technological
progress/regress and can be used to measure whether resource use is
sustainable over time. It can also be used to determine shadow
prices for non-market desirable outputs such as ecological services
and non-market undesirable by-products such as SO2, NOx, and CO2
that arise from fossil fuel combustion. The beauty of the PPF
framework is that it can be depicted in simple two-dimensional
diagrams that make the concepts easy to understand. The author uses
this framework to introduce concepts such as technical efficiency,
allocative efficiency, technological progress/regress, shadow
pricing, externalities, public goods, pollution taxes, and permits.
In addition, each chapter has numerous problems and discussion
questions that provide examples and practice in using the
introduced theories. The book also includes a chapter that shows
how the solver routine in Excel can be used to measure technical
and allocative efficiency. This gives you the tools to examine all
outcomes and therefore make a decision that takes into account the
environmental challenges along with any economic benefits.
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