Investigation of the relationship of markets and government regulation to environmental quality. Alternative public policies to improve efficiency and equity will be evaluated. Prerequisites: EC 011, EC 012.
Dates: May 18 - June 26, 2020 Prereqs: EC 11 and EC 12
Course Objectives At the conclusion of the course, students should be able to examine environmental policy issues from an economic perspective. To achieve this, the course has the following specific goals: (1) To apply the basic concepts of demand, supply, market equilibrium, perfectly competitive markets, allocative efficiency, and welfare to describe environment-economy interactions. (2) To explain and differentiate among the theories of public goods, externalities and property rights and explain market failures arising from environmental problems and apply applying these theories to current environmental policy topics. (3) To describe and apply the fundamentals of cost-benefit analysis as applied to environmental decision-making (4) To identify and differentiate between different types of Command and Control Instruments (CACs) and Market-Based Instruments (MBIs) and contemporary approaches to environmental policy and examine how they are implemented in the US and in other countries (5) To relate economic growth and trade with environmental goals and describe how climate change is a transboundary pollution problem that requires international efforts and agreements
Required Textbook TBA Blackboard – The course will utilize Blackboard (Bb) for lecture videos and HWs HWs need to be handwritten and scanned within an hour of due date- exams may require handrawn graphs. Study Tips Take good notes while viewing videos lectures - they involve analysis of graphs, numerical examples and economic intuition – you need to master all skills for exams. Lectures complement readings and vice versa. How you do on the exams starts on how well you take down notes; Work out (and practice) numerical problems; Draw (and redraw) graphs for better understanding. This is 3-credit course. UVM definition of a Credit Hour is https://www.uvm.edu/academics/catalogue2012-13/?Page=allpolicies.php&SM=policymenu.html&category=academic_policies&policy=Definition%20of%20a%20Credit%20Hour One hour of classroom or direct faculty instruction and a minimum of two hours of out-of-class student work each week for approximately fifteen weeks for one semester hour of credit or the equivalent amount of work over a different amount of time. This class examines and compares various environmental regulatory instruments using various economic criteria. In this course, students are expected to be able to use and apply appropriate economic models to understand and analyze current events related to environmental policy. We will discuss fuel efficiency standards and current proposals to roll them back; the Clean Power Plan, an Obama-era policy, scrapped by the current administration, and its features that provide flexible mechanisms to reduce pollution at low cost; proposed and existing carbon taxes around the world especially in the context of the most recent UN Climate report (Oct 8 2018) advocating for hundreds, if not thousands of dollars per ton carbon tax); pollution permit trading as applied in the US and Europe; the issues with cost-benefit analysis that became the basis for rolling back methane emissions; and many other contemporary environmental topics. Prereqs: EC 11 and EC 12 or instructor permission. See links below for recent environmental related events and role of environmental economics in understanding various economic policies. We will tackle most recent developments in these policies using economic models in class. Fuel efficiency standards https://www.nytimes.com/interactive/2018/04/03/climate/us-fuel-economy.html https://www.nytimes.com/2018/08/02/climate/trump-auto-emissions-california.html https://www.nytimes.com/2018/03/30/opinion/emissions-standards-auto-industry.html Carbon Tax and the UN report https://www.nytimes.com/2016/03/02/business/does-a-carbon-tax-work-ask-british-columbia.html https://www.nytimes.com/2016/10/24/opinion/washington-states-ambitious-carbon-tax-proposal.html https://www.nytimes.com/2018/10/07/climate/ipcc-climate-report-2040.html Methane Rule and cost-benefit analysis https://www.velaw.com/Blogs/Climate-Change-Blog/EPA-s-Cost-Analysis-for-the-New-Methane-Rules-for-the-Oil-and-Gas-Sector/ http://www.rff.org/about/media/press-release/analyzing-costs-and-benefits-repealing-blm-s-methane-rule
Grading System 3 exams, homeworks, 2-3 discussion boards Letter Grades A+ 97-100 A 93-96 A- 90-92 Same “A” pattern for B’s C’s and D’s. F <60
Online (View Campus Map)
Note: These dates may change before registration begins.
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|EC 011 OL1||Economics: Principles of Macroeconomics (online)||to||N/A||See Notes||3||60015|
|EC 012 OL1||Economics: Principles of Microeconomics (online)||to||N/A||See Notes||3||60016|
|EC 012 OL2||Economics: Principles of Microeconomics (online)||to||N/A||See Notes||3||61133|
|EC 040 OL1||Economics: D2:SU:Econ of Globalization (online)||to||N/A||See Notes||3||60057|
|EC 130 OL1||Economics: Public Policy (online)||to||N/A||See Notes||3||61817|
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