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session1 - Environmental Economics What is Economics...

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Environmental Economics July 19, 2011
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What is Economics I Economics is the science of using the scarce resources to achieve the highest possible level of satisfaction.
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What is Environmental Economics? I Environmental economics involves questions of excessive production of pollution by the market or insufficient protection of the natural world, due to market failure.
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Positive and Normative economic analysis I Positive economic analysis seek to describe the world as it is, necessitating few if any value judgment on the part of the analyst. I Normative economic analysis seek to contribute to public policy debate,addressing the question of what should be done , from an economic perspective. Often such analysis compare the costs and the benefits of taking particular public policy actions.
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Basic Questions of Environmental Economics I What is the right balance between environmental protection and use? I How do we induce economic agents to use the environment in a fashion that we have determined is desirable?
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