Economics 3220 Chapter Notes - Chapter 2: Natural Capital, Closed System, Ammonia

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9 Feb 2013
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Chapter 1-b
Natural capital
Natural resources
o Renewable
o Non-renewable
Environmental economy is closed system or a circular flow relationship
Closed system: is one in which no inputs are received from outside the
system and no outputs transferred outside
Summarized by thermodynamic laws
o 1st energy going into the economic system from the environment
(source) is roughly equal to the mass of waste going out (Waste)
Fundamental balance
o 2nd amount of energy not available for work or entropy increase. Sum
energy is lost in transformation
Circular flow in Tradition Economics
Implications
The economy environmental circular flow relationship implies that our
development choices must be aligned with the limitations the environment,
that is, development policies should focus on three aspects…..
o Reducing outputs- of environmentally damaging goods and products
o Reducing waste- minimize pollution through improved technology
and composition of outputs
o Increasing recycling- “reuse and recycle” is a great way of reducing
waste
Types of pollutants
Accumulative vs. noncumulative
o Stays in environment
o Dissipate or decay quickly
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