Resource_Economics_Part_3___Handout.pdf FANR 1100
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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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