2008_01_22_Presentation - ENVIRONMENTAL ECONOMICS AND SOME...

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ENVIRONMENTAL ECONOMICS AND SOME RELATED FIELDS
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Economics Economics : How individuals, groups, or society choose to allocate scarce resources that could have alternative uses
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Seven Economic Principles: N. Gregory Mankiw The foundations of microeconomics are based on a few principles that can be applied in most situations. How People Make Decisions: 1. People (and society) face tradeoffs. 2. The cost of something is what you have to give up for it. 3. Rational people think at the margin. 4. People respond to incentives. How People Interact: 5. Trade makes people better off. 6. Markets are usually a good way of organizing things. 7. Governments can sometimes improve on market outcomes.
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Environmental Economics asks… What are efficient levels of pollution, and how do we cost effectively reach them? Main areas: Benefit-cost analysis (including valuation) Policy design
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Fundamental fields of economics from which environmental economics most draws Public finance : the study of goods not provided by the
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2008_01_22_Presentation - ENVIRONMENTAL ECONOMICS AND SOME...

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