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Environmental Economics
Paper Code:
ECO 614
Credits:
4
Contact Hours:
60.00
Max. Marks:
100.00
Objective:
To understand the issues relating to environmental protection and pollution control.
12.00
Unit I:
Environment, Economy & Valuation of environment
- Environmental Economics: Definition & Scope
- Environment- Economy Interaction, Development & Environment, Environmental Kuznets Curve
- Need for environmental valuation, Use Value and Non Use Value
- Methods of environmental valuation : Contingent Valuation method, Hedonic Pricing Approach, Travel Cost Method
- Difficulties in measuring environmental value
12.00
Unit II:
Market Failure, Externalities and Public Good
- Market Failure: Meaning, Pareto Optimality and Market Failure
- Externalities: Meaning, Positive Externalities and Negative Externalities
- Public Goods: Meaning and Characteristics
- Public Goods and Pareto Efficiency
12.00
Unit III:
Sustainable Development
- Sustainable Development –Meaning, Rules -Hartwick Approach, London School Approach, Safe Minimum Approach,, and Daly’s Operational Principles.
- Indicators of Sustainable Development -Pressure Indicators, Impact Indicators and Sustainable Indicators.
- Weak Sustainability and Strong Sustainability
12.00
Unit IV:
Conservation of Resources & Environment Protection
- Conservation of Resources- Preservation & Conservation,
- Methods of Conservation-Material Conservation, Product Life Extension, Recycling, Pollution Tax, Waste Reduction
- Policy Instruments for Environmental Protection: The Polluter Pays Principle (PPP), The User Pays Principle (UPP) & The Precautionary Principle (PP)
- Policy Measures to Control Environmental Pollution: Command and Control Approach, Pigouvian Tax, Environmental Subsidy, Tradable Permits, Deposit Refund System, Participatory and Voluntary Agreements
- Property Rights & Coase’s Theorem, Bargain Solution
12.00
Unit V:
Climate Change & Global Warming
- Effects of climate change
- Impact of Green House Effect, Acid Rain, Ozone Layer Depletion
- Global Level Efforts : Montreal Protocol, Convention on Climate Change (1992 & 1995), GEF, Kyoto Protocol (1997)
- International Policy Instruments to Tackle Environmental Externalities : International Carbon Tax, Tradable Quotas & Tradable Pollution Permits
Essential Readings:
- Scott J. Callan and Janet M. Thomas, Environmental Economics & Management: Theory, Policy, and Applications, South-Western College Publishing.
- Eugine. T., Environmental economics, Vrinda Publications (P) Ltd.
- Bhattacharya, Rabindra N., (Edited): Environmental Economics- An Indian Perspective, Oxford University Press.
- Prasad, Lallan and Aggarwal Rashmi: Economics of Environment and National Resource Management.
- Hemple, Lamont, C., Environmental Economics: The Global Challenge, First East West Press, and Edinburgh.
Academic Session:
