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ENVIRONMENTAL ECONOMICS
Paper Code:
ECO 424 (B)
Credits:
4
Contact Hours:
60.00
Max. Marks:
100.00
Objective:
To understand the issues relating to environmental economics
12.00
Unit I:
Environment, Ecology, and Economy
- Environmental Economics: Definition & Scope
- Eco System : meaning, structure : Abiotic and Biotic group
- Environment : Meaning, Importance and Segments (Lithosphere, Hydrosphere and Biosphere)
- Development & Environment
- Economy, Ecology and Environment Interaction: Ayres-Kneese’s Material Balance Model
12.00
Unit II:
Market Failure, Externalities and Public Goods
- Market Failure: Meaning
- Externalities: Meaning, External economies and diseconomies,
- Pigovian Analysis of Externalities : Pigovian Taxes and Subsidies
- Public Goods: Meaning and Characteristics
- Public Goods and Pareto Efficiency
12.00
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).
- Sustainable Industrialization : Meaning, Green Marketing- Green Design, Green packaging, Eco- Labeling, Eco Efficiency
12.00
Unit IV:
Measurement of Environmental Values
- Need for Environmental Valuation
- Total Economic Value : Use Value and Non Use Value
- Methods of Environmental Valuation ; Expressed Preference Methods, Contingent valuation Method, revealed preference methods- Travel cost method, hedonic Price method, Preventive Expenditure Method, Cost Based methods : Opportunity Cost Method, Relocation Cost Method, Replacement Cost method
- Difficulties in Measuring Environmental Values
- Green Accounting: Meaning, Need, Objectives and Problems
12.00
Unit V:
Economics of Natural Resources Management
- Role of Natural Resources in Economic Development
- Theories of Natural Resources : The Hotelling’s Extraction Cost Rule, The Tragedy of the Commons
- Forest Resources : Role of Forests in Economic Development, Forest Management, Social forestry- Rationale and Benefits
- Conservation and Management of Natural Resources
NOTE: Non-mathematical treatment of the subject is recommended.
Essential Readings:
- Eugine. T., Environmental economics, Vrinda Publications (P) Ltd, 2004.
- Bhattacharya, Rabindra N., (Edited): Environmental Economics- An Indian Perspective, Oxford University Press, 2001.
- Dingra I.C., The Indian Economy: Environment and Policy.
- Our Common Future, Oxford University Press, 1987.
- Prasad, Lallan and Aggarwal Rashmi: Economics of Environment and National Resource Management.
- Hemple, Lamont, C. 1998, Environmental Economics: The Global Challenge, First East West Press, and Edinburgh.
- Welford, J.: Environmental Management System.
- Markandya and Richardson:Environmental Economics, 1992.
- Todaro, M.P. and Stephen, C. Smith 2004, Economic Development, Person Education.
- H.L. Ahuja, Advanced Micro Economic Theory, S. Chand & Company, New Delhi
Academic Session:
