Environmental Economics

Paper Code: 
ECO 414
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

To understand the issues relating to environmental protection and pollution control.

9.00
Unit I: 
Environment, Economy & Valuation of environment
  • Environmental Economics: Definition & Scope
  • Environment- Economy Interaction
  • Development & Environment
  • Need for environmental valuation,
  • Methods of environmental valuation
  • Difficulties in measuring  environmental value
9.00
Unit II: 
Market Failure, Externalities and Public Good
  • Market Failure: Meaning
  • Externalities: Meaning, External economies and diseconomies
  • Public Goods: Meaning and Characteristics
  • Public Goods and Pareto Efficiency
9.00
Unit III: 
Sustainable Development
  • Sustainable Development –Meaning, Rules (Safe Minimum Standards, Hartwick Approach, London School Approach, and Daly’s Operational Principles).
  • Indicators of Sustainable Development (Pressure Indicators, Impact Indicators and Sustainable Indicators).
9.00
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
  • Property Rights  & Coase’s  Theorem
9.00
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

 

NOTE: Non-mathematical treatment of the subject is recommended.

 

Essential Readings: 
  1. Eugine. T., Environmental economics, Vrinda Publications (P) Ltd, 2004.
  2. Bhattacharya, Rabindra N., (Edited): Environmental Economics- An Indian Perspective, Oxford University Press, 2001.
  3. Dingra I.C., The Indian Economy: Environment and Policy.
  4. Our Common Future, Oxford University Press, 1987.
  5. Prasad, Lallan and Aggarwal Rashmi: Economics of Environment and National Resource Management.
  6. Hemple, Lamont, C. 1998, Environmental Economics: The Global Challenge, First East West Press, and Edinburgh.
  7. Welford, J.: Environmental Management System.
  8. Markandya and Richardson:Environmental Economics, 1992.
  9. Todaro, M.P. and Stephen, C. Smith 2004, Economic Development, Person Education.
  10. H.L. Ahuja, Advanced Micro Economic Theory, S. Chand & Company, New Delhi
Academic Session: 
2017-18
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