Chapter 18 - Chapter 18(18.1)Economic resources = natural...

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Chapter 18 (18.1)Economic resources = natural capital, human capital, manufactured capital Neoclassical Economics - Natural resources are viewed as important but not vital because of our ability to find substitutes for scarce resources and ecosystem services. Environmental Economics - Generally agree that some forms of economic growth are not sustainable, yet they believe we can modify the principles of neoclassical economics and reform current economic systems, rather than having to redesign them to provide more environmentally sustainable economic development. Ecological Economics - Economic systems are viewed as subsystems of the environment that depend heavily on the earth’s irreplaceable natural resources. They point out that there are no substitutes for many natural resources. Sustainable Development & Unsustainable Growth - With S.D. natural resources are very important, there is low waste, renewable resources are emphasized, and pollution is prevented rather than controlled. With U.G. production is focused on quantity, natural resources are not very important, and there is high waste in resource productivity. 7 Changes needed in economies - 1. Use indicators that monitor economic and environmental health. 2. Include in the market pieces of goods and services their estimated harmful effects on the environment and human health (Full-cost pricing). 3. Phase out environmentally harmful government subsidies and tax breaks while increasing such subsidies and break for environmentally friendly activities, goods and services. 4. Lower taxes on income and wealth but increase green taxes and fees. 5. Pass laws and regulations to prevent pollution and resource depletion in certain areas. 6. Use tradable permits or rights to pollute or use resources to limit overall pollution and resource use in given areas.
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Chapter 18 - Chapter 18(18.1)Economic resources = natural...

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