Learning outcomes of the course unit
a) Knowledge and Understanding
The course aims to provide knowledge of the compatibility and interaction between economy and environment, in particular as regards the use of common resources and sustainable development. The approach starts by widening the notion of "economic system" to understand those parts traditionally excluded in economics textbooks, due to the non-applicability of market mechanism.
b) Ability to apply knowledge and understanding
The aim of the course is to equip the student to solid theoretical tools in order to analyze the complex relationships of the economic system with its environment, including the social relations and collective preferences in relation to environmental values. This will allow the student to manage in their working and professional life the increasingly strict environmental standards.
c) Making judgments
The object of the course is to provide tools for independent judgment regarding the interpretation and management of economic facts that go beyond the mainstream micro and macro textbooks.
d) Communication skills
This course is designed to provide suggestions and ideas for many issues widely discussed in various institutional and organizational levels.
e) Learning skills
The course aims to provide the analytical tools to engage critically with the complex picture of environmental issues in the global economy
Course contents summary
1. Economy and environment: two parts of a whole
2. Natural resources and market failure
3. Natural resources: scarcity, classification, measurement
4. The theory of non market valuation
5. Economic value, total value of resources
6. Efficiency and sustainability
7. The policy of sustainable resources management
8. Economic models of natural resources
9. Non-renewable resources: measuring the economic value and exploitation
10.Renewable resources models: fresh water management and exploitation
Barry c. Field, NATURAL RESOURCE ECONOMICS, An Introduction. McGraw-Hill, 2001
Lectures and discussions
Assessment methods and criteria
The final exam is written. There are two questions, with similar weight, with a time limit of one hour.
- Making judgements and Communication and Learning skills
One question deals with theoretical or empirical topics in broad terms, the other concerns an in-depth study labelled in the syllabus as box. Answers must be rigorous, pertinent and complete, because the aim is to show that a good understanding has been achieved.