ECON 221(S) Economics of the Environment (Same as Environmental Studies 221) (Q)

This course provides an introduction to the study of environmental economics. The goal is to convey an understanding of theoretical concepts as they apply to real-world environmental problems. Particular attention is given to situations where the free market fails to provide optimal outcomes. The theory includes externalities, public goods, common property resources, taxes, standards, tradable pollution permits, and inter-temporal discounting. Topics include benefit-cost analysis, non-market valuation, choice of different policy instruments (i.e., command-and-control versus market-based), renewable and non-renewable resource management, economic growth and the environment, and international environmental treaties. Format: lecture/discussion. Requirements: written problem sets, short essays, midterm and final exam. Prerequisites: Economics 110. Enrollment limit: 40 (expected: 25). Preference given to Economics majors. This course satisfies the "Environmental Policy" requirement for the Environmental Studies concentration.