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
