Environmental and Nat Resources (2)

Environmental and Nat Resources (2) - Environmental...

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Environmental Economics and the Treatment of Negative Externalities
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Environmental Economics Application of economics principles to protect the environment The study of how hard choices concerning the environment are made Timber production versus protecting threatened/endangered species Tellico Dam versus the snail darter Housing development in Colorado versus the Preble’s Meadow Jumping Mouse
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Environmental Equity The goal of environmental economics is to help determine equity among parties Environmental equity is the standard based on fairness of the environmental risk burden across segments of society, generations, or regions
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PPF with no Externalities Good B Good A
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What if the production of Good A generated a negative externality that affected the production of Good B? Water pollution generated by chemical production affecting the production of bottled drinking water Resources would have to be allocated so that they could counter the negative externality. As more and more of the chemicals are produced, less and less of the bottled water can be produced given the resources available
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PPF with Negative Externalities Good B (Bottled Water) Good A (Chemicals)
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Environmental and Nat Resources (2) - Environmental...

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