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Key Terms of the British Economic Theory in the Microeconomics | ECON 462, Study notes of Economics

Material Type: Notes; Class: Economics of Energy, Resources and Environment; Subject: Economics; University: Central Washington University; Term: Unknown 2000;

Typology: Study notes

Pre 2010

Uploaded on 08/19/2009

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Nikishna Myron
9/21/05
ECON 462
Notes 1.2
Course Overview
John Maynard Canes – British Economist Macroeconomics
“Economic Theory – is a method rather than a doctrine, an apparatus of the mind,
a technique of thinking which helps its possessor to draw correct conculusions.
-- John Maynard Keynes, emphasis added
Choice under scarcity
oClean water
oClean air
oFuel, etc
1. Economic Analysis makes a compelling case does not result in
places to build, inefficiently exploit market resources. Why people
pollute.
2. Economics gives some guidance as to natural resource use and
environmental quality. How much pollution is bad.
Microeconomic application principle draw the line
(Marginal benefit = Marginal cost)
e.g. Fishery stock, problem over time, grow and die, cost today
cost tomorrow, intertemporal, can use present value.
3. Environmental Issues, how to design policies to limit resource
usages or pollution admittance, how to value using more or less of
something. Market intervention.
Purpose of this course is to
1. Look at the micro preliminary information to understand the rest
2. How much of a resource to extract
Should be taught in 3 different course.
ONLINE ARTICLE: Dasgupta, P., S. Levin and J. Lubchenco, “Economic Pathways to
Ecological Sustainability: Challenges for the New Millenium,” BioScience, 2000, 50(4),
pp.339-345.
Micro-principles in the context of Natural Resources
Amosweb.com
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Nikishna Myron 9/21/ ECON 462 Notes 1. Course Overview John Maynard Canes – British Economist Macroeconomics  “Economic Theory – is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its possessor to draw correct conculusions. -- John Maynard Keynes, emphasis added  Choice under scarcity o Clean water o Clean air o Fuel, etc

  1. Economic Analysis makes a compelling case does not result in places to build, inefficiently exploit market resources. Why people pollute.
  2. Economics gives some guidance as to natural resource use and environmental quality. How much pollution is bad. Microeconomic application principle  draw the line (Marginal benefit = Marginal cost) e.g. Fishery stock, problem over time, grow and die, cost today  cost tomorrow, intertemporal, can use present value.
  3. Environmental Issues, how to design policies to limit resource usages or pollution admittance, how to value using more or less of something. Market intervention. Purpose of this course is to
  4. Look at the micro preliminary information to understand the rest
  5. How much of a resource to extract Should be taught in 3 different course. ONLINE ARTICLE: Dasgupta, P., S. Levin and J. Lubchenco, “Economic Pathways to Ecological Sustainability: Challenges for the New Millenium,” BioScience , 2000, 50(4), pp.339-345. Micro-principles in the context of Natural Resources Amosweb.com

Economics –  The study of how people & society choose to employ scarce productive resources to produce goods & services and distribute them among various persons and groups.  The science of the allocation of scarce resources to competing ends/agents. Key terms – Scarce / Scarcity – constrained non-satiation Resources – land (minerals, trees, fish, water, air), labor, capital (input to production), time Goods  physical Services  non-physical Provides Utility  Happiness

  1. Marginal Revenue, Cost, Benefit
  2. Consumer and Producer Surplus
  3. Market Failure, Externalities, Public Goods
  4. What shifts a supply curve? Equitable distribution w/ competing agents. Insatiable wants w/ scarce resources  Economic Competition (Market) trading Economics are a social science using models to simplify the world based upon assumption (rules about how the world works), and explaining interactions.  If this is true, then that will be true…  Make logical assumptions  State the role assumptions play in final outcomes THEMES OF THE COURSE: EFFICIENCY – missed opportunity, squandered resources, net benefits to society. Utilize the stem energy from evaporation. Not technically efficiency. Allocated inefficiency e.g. natural gas vs. coal alternative (pollution damages) don’t pay the full costs of environmental and health problems associated. OPTIMALITY – 1) society or relevant group of people 2) way of assessing well being Maximizes groups objective without polluted the society. EFFICIENCY  OPTIMALITY (1 optimal choice, many efficient) SUSTAINABILITY – taking care of posterity, doesn’t enter into societies objectives.