Environmental Economics

Unit 1: Introduction Concept, nature and scope of environmental economics, subject matter, ecology–economy interaction, externalities, market failure, Pareto optimality, Coase theorem, and property rights. Unit 2: Pollution Abatement and Environmental Policy Pigouvian taxes, effluent fees, allocation of public goods, tradable pollution permits, choice between taxes and subsidies, market-based instruments versus command-and-control approaches. Unit 3: Climate Change and Sustainability Issues Trans-boundary environmental problems, climate change and global warming impacts, ozone layer depletion, deforestation, biodiversity conservation, waste management, Environmental Kuznets Curve, and global environmental summits on emission norms. Unit 4: Benefits from Environmental Improvements Non-market values, environmental valuation methods, integrated environmental and economic accounting, environmental education, policy instruments, risk assessment, and perception in environmental economics. Unit 5: Sustainable Development Concept, evolution and measurement of sustainable development, command-and-control approach, Environmental Performance Index, benefit–cost analysis, sustainable policy approaches, environmental regulations, sustainability, and e-governance.