ENV 101 Chapter Notes - Chapter 5: Environmental Full-Cost Accounting, Genuine Progress Indicator, Sustainable Development
Document Summary
Replacing resources: assumption that natural and human resources are substitutable and interchangeable, are actually limited and can be depleted. Discounting: future effects are discounted (reflecting the way people value things, causes us to downplay the impacts on future generations. Growth: economic growth increase in an economy"s production and consumption of goods and services, neoclassical economics say that economic growth is essential for maintaining social order. Markets can fail: market failure doesn"t take into account the positive outside effects on economies or the negative side effects of economic activity. Environmental policy: an overview: policy formal set of general plans and principles intended to guide decision-making, public policy policy made by governments, environmental policy pertains to our interactions with our environment. Various factors can obstruct environmental policy: perception that environmental protection means economic sacrifice, more costs, potentially less business with customers, environmental problems take long periods of time to be successful, businesses have a short-term interest, money wields influence.
