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by: Caitlyn Mackenzie

Resource_Economics_Part_3___Handout.pdf FANR 1100

Marketplace > University of Georgia > FANR 1100 > Resource_Economics_Part_3___Handout pdf
Caitlyn Mackenzie
GPA 3.8

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About this Document

This is the third handout of the second section in the class. This section is called Natural Resources Economics. The material on this handout, the past handouts, and the future handout will be dir...
Forestry and Natural Resources Conservation
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This 1 page Class Notes was uploaded by Caitlyn Mackenzie on Sunday August 21, 2016. The Class Notes belongs to FANR 1100 at University of Georgia taught by Wilde in Fall 2016. Since its upload, it has received 6 views.


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Date Created: 08/21/16
Natural Resource Economics: Part 3 FANR/MARS 1100 GDP and Median Household Income  According to this graph, while the GDP has grown 36%, median household income has  increased less than 5%.  Median Household Income  Today’s median income is about $4,000 higher than it was 30 years ago. The Distribution of Wealth Between Americans  The average annual income of the top 1% is $717,000  The average income of the rest of the population is $51,000  The net value of the top 1% is about $8.4 million, or 70 times the worth of the lower classes.  Between 1979 and 2007, more than half of all the income growth in the nation went to the  top 1 percent. Economy and Environmental Myths  Finally, a sustainable economy produces goods and services in a way that doesn’t degrade  future quality of life for ourselves and our descendants. Four Problems Economics Brings to Conservation  1 .      Tragedy of the commons  2 .      Short­term planning horizon  3 .      Failure to incorporate economic externalities   4 .      False measure of progress


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