esrm100s18 - Chapter18:EnvironmentalEconomics BigQuestion:

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Chapter 18: Environmental Economics Big Question:  Can We Put a Price on Scenic Beauty, Endangered Species, and the Quality of Life?
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Lesson 18 / ESRM 100 / University of Washington Environmental Dollar Values The dollar cost of pollution control is rising. Although costly, cleaning our environment has economic benefits. Tangible factors are easier to assess than intangibles.
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Lesson 18 / ESRM 100 / University of Washington The Environment as a Commons Garrett Hardin’s “the tragedy of the commons” (a commons is land  owned by the public and used by all the farmers of the town): Each  farmer tries to maximize personal gain. Adding one more cow produces  a positive and a negative value. The benefit to the farmer of selling a  cow is greater than his share of the negative cost of overgrazing. But  complete freedom in a commons inevitably ruins the commons.
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Lesson 18 / ESRM 100 / University of Washington Low Growth Rate and Low Profit as a Factor  in Exploitation Nineteenth-century  whalers didn’t try to conserve whales.
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esrm100s18 - Chapter18:EnvironmentalEconomics BigQuestion:

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