ECON 3340 Chapter Notes - Chapter 3: Environmental Good, Precautionary Principle, Social Choice Theory
11 Apr 2013
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Normal approach: assume that any preferences are possible and not be too concerned about the nature of individual preferences. Four different philosophical perspectives to illustrate different ethical perspectives: biocentrism . Important distinction is made between instrumental value and intrinsic value. Intrinsic value : does not pertain to usefulness. Biocentrism is the philosophy that all living things have intrinsic value, regardless of their instrumental value: anthropocentrism . It exists for only one purpose: to provide material gratification to humans. Utilitarianism: regard to the environment emphasizes the well-being people attain from the environment, whether it be materialistic or spiritual, instrumental or intrinsic. Anthropocentrism: the strictest definition of anthropocentrism places only instrumental value on the environment: precautionary principle . Safe minimum standard: take actions not based on maximizing the upside but rather based on minimizing the downside. The safe minimum standard and the precautionary principle apply when there is uncertainty and irreversibility.
