ECONOMICS

EC010304- Core course- Environment Economics- 4 Credit

Course Objectives- This course examines the economics behind environmental issues and problems and policies designed to address them. Topics cover the valuation of non-market goods, cost‐benefit analysis, correcting market failures especially in the provision of public goods, the tragedy of the commons, and climate change. The economic assessment of environmental impacts and the economics of policies and institutions which have a significant bearing on the environment are also dealt with in this course. This course will provide students with the tools to understand how market inefficiencies might arise in the presence of externalities like pollution and how market solutions can correct market failures. The main objective of the course is to illustrate how the study of mainstream economics needs to be reoriented in the light of the following premises: the natural environment is the core of any economy and economic sustainability cannot be attained without environmental sustainability. Thus, the course is intended to equip students with analytical skills that would enable the evaluation of environmental and economic policy issues. It is expected to enable students to understand the economics of the relationship between economic activities and environmental impacts. This course builds on the knowledge of students in microeconomics and public economics.