AEM 2500 Fall 2010 Lec 2 08-27-10 sv

AEM 2500 Fall 2010 Lec 2 08-27-10 sv - Poe AEM 2500, Fall...

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1 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 based in part on different ethical perspectives thought, based in part on different ethical perspectives. Case Study: Mono Lake Contrast with Lionel Robbins’(1935) influential book An Essay on the Nature and Significance of Economics Science : “it does not seem logically possible to associate the two studies [economics and ethics] in any form but mere juxtaposition.” III. Ethics and economics • Positive Economics : – Descriptive, objective, value free: make a statement about how the world is 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? • How Should we do Ethics: the discipline dealing with what is good and bad and with moral duty and obligation.
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AEM 2500 Fall 2010 Lec 2 08-27-10 sv - Poe AEM 2500, Fall...

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