EC238 Lecture Notes - Lecture 2: Natural Resource Economics, Jack D. Fischer, Natural Capital
Document Summary
Natural capital, linkages between the economy and the environment, and pollution. Natural capital: natural capital co(cid:374)sists of the earth"s e(cid:272)osyste(cid:373)s, re(cid:374)e(cid:449)a(cid:271)le a(cid:374)d (cid:374)o(cid:374)-renewable resources, environmental resources, and land; ecosystem g/s flow from natural capital, 1. Natural resource capital stocks of renewable and non-renewable resources: 2. Ecosystems or environmental capital systems that provide essential environmental g/s such as atmosphere and waste assimilation: 3. Natural resource and environmental economics: natural resource economics study of nature in its role as a provider of raw materials land, minerals, etc. Plants, animals: biodiversity is an important resource to survival of all species, most natural resource issues are (cid:862)ti(cid:373)e depe(cid:374)de(cid:374)t(cid:863) use is spread out over time, so rates of use in one period affect other periods. Pollution prevention reducing the residuals by adopting technologies, practices, etc. that yield smaller residuals per unit output produced: 2. Increase recycling: ultimate goal is to reduce damages caused by the discharge of production and consumption residuals.
