2 - Today III. Ethics and Economics a. b. Economic thought...

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Today III. Ethics and Economics a. Economic thought evolves, often reflecting and perhaps leading society. b. There is a continuum of environmental and resource economic thought. Case Study: Mono Lake
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III. Ethics and economics • Positive Economics : – Descriptive, objective, value free: make a statement about how the world is. • How are resources allocated? • What are the implications of X for Y? • Normative Economics : – Prescriptive: how the world ought to be. •How should resources be allocated? Should we do X? Ethics: A set of moral principles or values.
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IIIa. Economic Policy Evolves, Reflecting (and Perhaps Leading) Society Economic ideas are always and intimately a product of their own time and place, they cannot be seen apart from the world we interpret. - J. K. Galbraith, 1987 Resource Economics - emerged in the 1930’s. – How do we manage fixed or renewable resources over time? • Non-renewable (fixed) resources (e.g. oil).
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2 - Today III. Ethics and Economics a. b. Economic thought...

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