ECON 2100 Chapter Notes - Chapter 1: Precautionary Principle, Intergenerational Equity, Environmental Quality
29 Nov 2017
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Document Summary
Environmental economics: the study of environmental problems with the perspective and analytic ideas of economics. Look at the economy and its intuitions are set up and how they lead people to make decisions that result in environmental destruction. Economists argue pollute because it is the cheapest way they have of solving a certain very practical problem: how to dispose of waste once production and consumption is complete. An incentive is what leads individuals to modify their behaviour in some way. An incentive plays a major role in the analysis of how n economic system operates. Any system will product destructive environmental impacts of the incentives within a system are not structured to avoid them. Two factors that are important to understand when studying the aspect of incentives are the environments external effects and property rights. Responses climate change: scientific uncertainties, the precautionary principle and mitigation strategies.
