|Assessment length / details
|Written Essay (3,000 words)
|3 Hours Exam
|Written Essay (3,000 words)
|3 Hours Exam
On successful completion of this module students should be able to:
1. Critically discuss the causes of market failure relating to environmental issues;
2. Critically discuss and evaluate economic models relating to optimal environmental standards;
3. Evaluate the effectiveness of a range of policy instruments for the environment;
4. Critically discuss and evaluate methodologies for environmental valuation;
5. Critically evaluate the application of economic principles to contemporary environmental policy issues.
This module provides an analysis of how economic theory may be used by governments, NGOs and the business sector to help protect and enhance our natural environment. Basic concepts in economic theory are introduced, so that understanding is developed of how markets are supposed to achieve economically efficient allocations and why, when they fail to do so, environmental degradation often results. The module then explores how governments, NGOs and businesses might intervene to address environmental issues, and evaluates the effectiveness of a range of policy instruments including command-and-control instruments and incentive-based instruments. The module also explores why economists attach importance to the monetary and non-monetary valuation of environmental goods and services, providing a critique of these techniques. We then explore how such values might be incorporated into the design and evaluation of environmental policies, as well as macro-economic indicators such as Green GDP measures. The above theories are demonstrated in practice through a series of contemporary environmental policy case studies. The module will draws on the Refinitiv database to illustrate the extent to which environmental indicators are being incorporated into policy and corporate decisions and actions.
Economic paradigms: Neo-classical economics, environmental economics, ecological economics, deep ecology.
How markets work: demand and supply
Policy instruments for the environment
Valuing the environment
Policy appraisal and evaluation
Case studies: biodiversity and ecosystem services, pollution abatement, agri-environmental policies, climate change (carbon trading), sustainable business management and `Green’ GDP.
|Application of Number
|Must provide a high quality report and deliver a sound and well developed presentation of the key issues relating to the project.
|Improving own Learning and Performance
|The students are required to adapt their strategies and approaches to providing a financial solution to the identified problem or issue and to show strong leadership skills to provide an effective solution to the issues identified.
|Use a variety of electronic web- and library-based resources to review available information and retrieve pertinent information. Use of word-processing and spreadsheet skills in assignment.
|Personal Development and Career planning
|Environmental economic analysis undertaken on real world environmental issues with solution requiring realistic responses. Environmental economic analysis undertaken on real world environmental issues with solution requiring realistic responses.
|Scenario-based problems treated in lectures and applied in seminars, assignment and examination.
|The module demands the participants to apply analytical skills to reason and understand the challenging nature of environmental economics. By introducing a variety of theoretical as well as empirical topics, the module enables students to develop creative thinking approaches to economic problem solving. These skills will have to be applied in seminar discussions, preparation of the coursework and timed assessment .
|Subject Specific Skills
|This module develops students’ understanding and appreciation of environmental economic theories and how these can be applied to address environmental issues.
|Students will need to show their ability to work as a team especially in the early stages of the project and in providing a solution to the issues highlighted
This module is at CQFW Level 7