Natural Resource Economics and Environmental EconomicsThese courses describe the conceptual framework and tools used by economists for environmental policy making. Students will understand and analyze the philosophical underpinnings of neoclassical economics, as well as its methodological toolkit. The goal is to understand how economists view environmental issues, and to develop a critical understanding and appreciation of their solutions to environmental problems. By the end of the year, students will be able to understand and critique the notion of economic efficiency, and understand the complexities and tradeoffs involved in making policy decisions. In addition to this intellectual advancement, students will also acquire professional skills used by policy makers today.
- Use of logic to analyze claims made in the media and elsewhere
- Use of real-world data to test and validate competing policy claims
- Ability to calculate the time value of money, rates of return, and payback periods of different projects
- Ability to model risk and uncertainty