Course Description
Basic theoretical concepts and analytical tools necessary to evaluate resource use, allocation, and policy. Emphasis is placed upon theoretical applications to natural, rural, and agricultural resources which impact both public sector and private sector economic activities.
Additional Requirements for Graduate Students:
Beyond the requirements for undergraduate students, Graduate students will have additional readings, complete two referee reports of published or working papers in the natural resource economics literature, and write a term paper.
Athena Title
Resource Economics
Equivalent Courses
Not open to students with credit in ENVM 2060, ENVM 3060, ENVM 3060E
Prerequisite
[(AAEC 2580 or AAEC 2580E or ECON 2106 or ECON 2106E or ECON 2106H) and (AAEC(ENVM) 3020 or AAEC 3020E)] or permission of department
Semester Course Offered
Offered spring
Grading System
A - F (Traditional)
Student learning Outcomes
- Students will have a basic understanding of ecological concepts and environmental systems and how these systems provide natural resources of use and value to people.
- Students will have an understanding and ability to model how economic systems allocate and use natural resources in economic production and consumption.
- Students will have a working knowledge of basic environmental ethics concepts.
- Students will address the consequences of human activity on local, regional, and global natural systems.
- Students will have training and practical experience integrating ecology, economics and ethics to analyze and solve "real world" natural resource and environmental problems.
Topical Outline
- Introduction - What are the general linkages between economic and environmental issues and problems?
- Resource Supply and Scarcity - How does a healthy environment supply natural resources and how do we monitor scarcity?
- Economic Efficiency - How does a healthy economy allocate natural resources to economic production and consumption?
- Criteria for Resource and Environmental Policy - How do we evaluate environmental resource policies and programs?
- Market Failure and Inefficiency - What could cause the free market to use and allocate environmental resources in an economically inefficient manner?
- Benefit-Cost Analysis (BCA) - How do we determine whether or not an environmental resource policy or project is economically feasible?
- Nonrenewable Resource Management – What is the optimal use and management of exhaustible, nonrenewable resources over time?
- Renewable Resource Management – What is the optimal use and management of renewable resources over time?
- Conservation, Preservation, Sustainability and Environmental Ethics -– What are the relationships between the economics and ethics of resource conservation, preservation and sustainability?
Institutional Competencies Learning Outcomes
Analytical Thinking
The ability to reason, interpret, analyze, and solve problems from a wide array of authentic contexts.
