AGNR 301- Final Exam Guide - Comprehensive Notes for the exam ( 158 pages long!)

• School: University of Maryland
• Department: Agriculture and Natural Resources
• Course: AGNR 301
• Professor: Robert Sprinkle

Document Summary

3. 1 ecological economics: the economics of the steady state (1974) steady state economy- constant stocks of physical wealth and constant population maintained at a chosen and desirable level by a low rate of throughput. 2nd design principle: maintain some slack between actual environmental load and maximum carrying capacity. We need 3 institutions for stabilizing population, physical wealth, and limiting inequality: the value of the world"s ecosystem services and natural capital (1997) Notes: ecosystem services contribute to the functioning of the. Earth, human welfare, and economic value of the planet. Ecosystem services consist of flows of materials, energy, and information from natural capital stocks which combine with manufactured and human capital services to produce human welfare (verbatim from article). We place value on ecosystem services, human life, and environmental aesthetics every day, even though some people disagree (ex: construction standards for highways, safety standards relate to human life value). A valuation safety standards relate to human life value).