ECS2606 EXAM PACK 2022

ECS2606 EXAM PACK 2022 S - The study-notes marketplace 1 1. Explain the difference between neoclassical environmental economics, resource economics and ecological economics. [10] Environmental economics tends to look at market-based natural resource use, management, and the impacts of environmental policy on the market with a notion that economic growth can continue beyond the confines of the physical environment. In other words, environmental economics operates within a neo-classical economic paradigm that the economy's growth can operate entirely independent of the limits of the physical world. Externalities--health, quality of life, education, etc.--are frequently discounted in assessments of wealth. Well-being tends to be measured and interpreted in terms of GDP. Ecological economics, as intrinsic to the name, examines the world from a complex systems perspective and draws interdisciplinarity from principles of biology, ecology, and various fields of sociology and ethics. Ecological economics approaches economics from a perspective that places the economy as a subset of the environment. Resource economics: Sees nature as a provider of energy and materials. Is an anthropocentric view. Interdisciplinary. Looks at sustainability and the interdependence of economic and ecological systems. For this type of economics, natural sciences are needed to gain an understanding of economic/environmental problems. Primary problem: limited stocks and the cake-eating problem. Resources in conventional economic