An_Introduction_to_Toman - Poe AEM 250 An Introduction to...

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Poe, 1/23/07 AEM 250 An Introduction to “Economics and Sustainability: Balancing Tradeoffs and Imperatives” Michael A. Toman, Land Economics , 70(4):399-413, 1994. In 1994, in the height of a period of substantial debate over what defines sustainable development and related policy, Michael Toman wrote an insightful paper describing a “Two Tier” policy decision framework. In this framework, Toman envisioned a realm of environmental/ecological/ sustainable policy scenarios which could be addressed using standard economic approaches. He identified characteristics of other policy settings that would lead one to apply more ecologically and sustainable-based moral imperatives to provide at least a safe minimum standard of resource and ecosystem protection. This paper was published in Land Economics , one of the top environmental and resource economics journals. In my discussions with Michael, he indicated that he wrote the paper primarily as an educational tool directed toward economists. However, I have found it to also be a useful conceptual tool for those with ecological leanings who are just entering economics. The importance of this framework to both views is emphasized in the following quote from Toman. “Sustainability ultimately is intimately wrapped up with human values and institutions,
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This note was uploaded on 12/20/2010 for the course AEM 25 at Cornell.

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An_Introduction_to_Toman - Poe AEM 250 An Introduction to...

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