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Environmental Economics (GSS)

Module description

Essentially, the study of Environmental Economics is couched in a progression of rational steps, namely, evaluating the economic significance of the natural environment’s deterioration due to human actions; searching for the fundamental economic sources of the deterioration; and developing economic incentives to decelerate, stop and reverse the deterioration. What underlies these steps is the universal acknowledgement that the economy and the natural environment are inextricably linked – economic decision-making invariably impacts the environment, and changes in the state of the natural environment invariably exert a dramatic influence on the functioning of the economy. This branch of Economics further acknowledges the urgent need for sustainable development for the benefit of both current and future generations. In a contemporary setting, achieving acceptable levels of sustainability means finding appropriate interventions and solutions to the myriad of global ecological challenges facing humanity. This module will introduce students to the ways in which economists think about the environment. The module will also explore the most pressing environmental issues, and how addressing the same should be incorporated into a sustainability-conscious mindset.

Module aims - intentions of the module

This module will introduce the core ideas and philosophies underpinning the study of Environmental Economics, as well as explore the key environmental issues, which impact the achievement of sustainable development, with special reference to climate change, pollution, waste, resource depletion, deforestation, and biodiversity.

Intended Learning Outcomes (ILOs)

ILO: Module-specific skills

On successfully completing the module you will be able to...

• 1. critically reflect on how economists view and approach the environment
• 2. critically evaluate the vast interdependence between the economy and the natural environment in terms of a materials balance perspective
• 3. critically discuss the ‘Limits to Growth’ hypothesis and whether it stands up to thorough academic scrutiny
• 4. critically discuss Sustainable Development as a prerequisite for minimizing the impacts of economic growth on resource use and waste assimilation sinks
• 5. critically reflect on the contemporary environmental issues that inform Environmental, Social, and Governance (ESG) metrics, with special reference to climate change, pollution, resource depletion, waste, deforestation, and biodiversity

ILO: Discipline-specific skills

On successfully completing the module you will be able to...

• 6. interpret secondary data and published findings
• 7. evaluate the effectiveness and appropriateness of environmental-related ESG interventions

ILO: Personal and key skills

On successfully completing the module you will be able to...

• 8. synthesise relevant data to substantiate the need for ESG alignment
• 9. display written communication skills
• 10. carry out a critical evaluation of environmental policies

Syllabus plan

1. How do Economists Perceive the Environment?
2. Why is the ‘Limits to Growth’ Hypothesis Controversial? 
3. Is the Quest for Sustainable Development Achievable? 
4. Climate Change: How Bad Is It? How Bad Could It Get? What Can We Do About It?  
5. Pollution: How Bad is It? What Can be Done? 
6. Resource Use: How Much is Enough? 
7. Waste: The Search for Effective Waste Management Policies 
8. Deforestation: Where, Why and How Much? 
9. Biodiversity Conservation: Do or Die? 
10. Business and the Environment: Where to From Here? 

Learning activities and teaching methods (given in hours of study time)

Details of learning activities and teaching methods

Formative assessment

Summative assessment (% of credit)

Details of summative assessment

Details of re-assessment (where required by referral or deferral)

Indicative learning resources - Basic reading

Basic reading:

Field, B. and Field, M.K. (2020). ISE Environmental Economics. 8^th Edition. McGraw-Hill: New York.

Tietenberg, T.H. and Lewis, L. (2019). Environmental Economics: The Essentials. Taylor & Francis: New York.

Please note: The above-mentioned textbooks are introductory in nature and are to be consulted if further clarification of basic concepts and tools of analysis is required.

Indicative learning resources - Other resources

• Academic journal articles, podcasts, videos, and other reports of interest will be made available on ELE.

Key words search

Environmental, Social, Governance, Economics, Pollution, Climate Change, Sustainable Development, Biodiversity, Deforestation, Resource Depletion, Waste