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ENV 1301: Week 6

by: Anna Frazier

ENV 1301: Week 6 ENV 1301

Anna Frazier
Baylor University
GPA 3.8

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About this Document

These notes cover what we learned during week six (chapter 5).
Exploring Environmental Issues
Dr. Larry Lehr
Class Notes
environmental science, Science, Environment, Exploring Issues, 1301, Week 6
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This 6 page Class Notes was uploaded by Anna Frazier on Wednesday February 17, 2016. The Class Notes belongs to ENV 1301 at Baylor University taught by Dr. Larry Lehr in Spring 2016. Since its upload, it has received 61 views. For similar materials see Exploring Environmental Issues in Environmental Science at Baylor University.

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Date Created: 02/17/16
Anna Frazier Wednesday, February 17, 2016 Chapter 5 - Economy: a social system that converts resources into goods and services - Economics: the study of how people decide to use potentially scarce resources to provide goods and services that are in demand - Adam Smith: argued that self-interested behavior can benefit society, as long as is constrained by the rule of law and private property rights in a competitive marketplace - Classical economics: founded by Adam Smith; when people pursue their economic self-interest under these conditions the marketplace will behave as if guided by “an invisible hand” to benefit society as a whole - Neoclassical economics: examines consumer choices and explains market prices in terms of our preferences for units of particular commodities - Cost-benefit analysis: compare is the estimated cost of a proposed action with the estimated benefits - External costs: costs of a transaction that affect people other than the buyer or seller - Economic growth: an increase in an economy production and consumption of goods and services - Environmental economics: we can modify neoclassical economic principles make resource use more efficient and thereby attain sustainability within our current economic system - Ecological economics: sustainability requires more far-reaching changes; every population has a carrying capacity and systems generally operate in self-renewing cycles - Study-same economies: economy but are stable - Nonmarket values: values not usually included in the price of a good or service (ecosystem services) - Gross Domestic Product: total monetary value of final goods and services the nation produces each year - Genuine Progress Indicator: an economic indicator that attempts to differentiate between desirable and undesirable economic activity. The GPI accounts for benefits such as volunteerism and for costs such as environmental degradation and social upheaval 1 Anna Frazier Wednesday, February 17, 2016 • Full cost accounting (true cost accounting): aims to account for all costs and benefits - Market failure: when markets do not take into account the positive outside effects on economies (such as ecosystem services) or the negative side effects of economic activity (external costs) - Policy: a formal set of general plans and principles intended to Guy decision-making - Public policy: policy made by governments - Environmental policy: pertains to our interactions with our environment; generally aims to regulate resource use or reduce pollution to promote human welfare and protect natural systems - Tragedy of the commons: the process by which publicly accessible resources open to unregulated use tend to become damaged and depleted through overuse; Coined by Garrett Hardin - Free rider: a party that fails to investing controlling pollution or carrying out other environmentally responsible activities and instead relies on the efforts of other parties to do so - Legislation: bills that can become law with the signature of the president - National Environmental Policy Act: created an agency called the Council on Environmental Quality and required got environmental impact statement be prepared for any major federal action that might significantly affect environmental quality • Environmental Impact Statement: results from studies that assess environmental impact that can result from development projects undertaken or funded by the federal government - Environmental Protection Agency: conducts and evaluates research, monitors environmental quality, setting and it Enforces standards for pollution levels, assists the states in meeting the standards, and educates the public - Customary law: international law arising from long-standing practices or customs held in common by most cultures - Conventional law: international law arising him conventions, or treaties, Into which nations enter - North American Free Trade Agreement: eliminated trade barriers such as tariffs on imports and exports, making goods cheaper to buy 2 Anna Frazier Wednesday, February 17, 2016 - United Nations: seeks to maintain international peace and security; to develop friendly relations among nations; to cooperate in solving problems and promoting respect for human rights and fundamental freedoms; and to be a center for harmonizing the actions of nations in attaining defense - World Bank: institution founded in 1944 that serves as one of the globe's largest sources of funding for economic development, including such major projects as dams, irrigation infrastructure, and other undertakings - World Trade Organization: organization based in Geneva, Switzerland, that represents multinational corporations and permits free trade by reducing obstacles to international commerce and enforcing fairness among nations and trading practices - Nongovernmental organizations: nonprofit, mission driven organizations not overseen by any government - Command-and-control: a top-Down approach to policy, in which a legislative body or a regulating agency sets rules, standards or limits and threatens punishment for violation of those limits - Green taxes: a levy on environmentally harmful activities and products aimed at providing a market-based incentive to correct for market failure - Polluter-pays principle: principal specifying that the party responsible for producing pollution should pay the costs of cleaning up the pollution or mitigating its impacts - Eco-labeling: the practice of designating on a products label how the product was grown, harvested, or manufactured, so that consumers are aware of the processes involved and can judge which brands use more sustainable processes - Emissions trading: the practice of buying and selling government-issued marketable admissions permits to conduct environmentally harmful activities - Cap-and-trade: an emissions trading system in which government determines an acceptable level of pollution and then issues polluting parties permits to pollute. A company receives credit for amounts it does not emit and then can sell this credit to other companies - Sustainable development: economic progress that maintains resources for future - Triple bottom line: an approach to sustainability that attempts to meet environmental, economic and social goals simultaneously 3 Anna Frazier Wednesday, February 17, 2016 1. Name and describe two key contributions that the natural environment makes to our economies. 2. Describe 4 ways in which neoclassical economic approaches can contribute to environmental problems. 3. Compare and contrast the neoclassical economists, environmental economists, and ecological economists, particularly regarding the issue of economic growth. 4. What are ecosystems services? Give several examples. Describe how some economists have tried to assign monetary values to ecosystem services. 5. Describe at least one major goal of and justification for environmental policy. Now articulate 3 problems and environment of policy commonly seeks to address. 4 Anna Frazier Wednesday, February 17, 2016 6. Summarize how the first, second and third waves of environmental policy and US history differed from one another. Describe two parent priorities in international environmental policy. 7. What did the National Environmental Policy Act accomplish? Briefly describe the origin and mission of the US Environmental Protection Agency. 8. Compare and contrast the 3 major approaches to environmental policy: Lawsuits, commands-and-control and economic policy tools. Describe an advantage and disadvantage of each. 9. Explain how each of the following work: a green tax, a subsidy and emissions permits. 10. How can sustainable development be defined? What is meant by the triple bottom line? Why Is it important to pursue sustainable development? 5


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