In this module students become familiar with the way of thinking of economists, facilitating an understanding of the later application of microeconomics principles to environmental problems, and how economics can contribute to policy decision-making. This module will explain how economic thinking can be applied to address market failures.
|Semester 1 2023-24
In this module, students become familiar with the way of thinking of economists, through an understanding of the approach and scope of both microeconomics and macroeconomics. The course is divided into three blocks: Block I is an introduction to the basic concepts in economics, Block II is devoted to the understanding of consumers' and producers' behaviours in a competitive market context, Block III focuses on market failures via imperfect competition and their implications for the role of government in the economy. This module uses applications and case studies from a variety of economic approaches to introduce fundamental concepts of economics of relevance to the management of environment and natural resources.
The material of this module is delivered through lectures and small-group tutorials. Tutorials are based on problem sets and short-answer questions, which will be distributed in class prior to the tutorial and working in groups is recommended. Tutorials are designed to fully understand core concepts, and help you to identify which areas you understand well, and where you may need to improve your knowledge. Extra practices and quizzes are available on the VLE.
Generic / Employability Skills:
Identify the essential features of an economic problem and apply this in an environmental management context.
Evaluate economics insights of environmental degradation issues.
Address public policy issues using the language and approach of economics.
Articulate economic reasoning, and communicate this to others orally and in writing.
Use and analysis of numerical economic information.
On completion of this module a student will be able to:
|% of module mark
|Online Exam - 24 hrs (Centrally scheduled)
|% of module mark
Written feedback on assessments. Verbal feedback provided on a one-on-one basis and class basis throughout the module.
Harris and Roach, (2018), Environmental and Natural Resource Economics (4th edition), Routledge
Acemoglu D. et al (2018) Microeconomics (2nd ed.) Pearson
Mankiw G. and Taylor M. (2008) Principles of Economics (2nd ed.) South-Western College Pub
Parking et al. (2014) Economics Pearson Education Limited
Sloman J. and Wride A. (2009) Economics (7th ed.) Prentice Hall
Berck P. and Helfand G. (2011) The Economics of the Environment, Pearson Addison-Wesley.
Krugman P. and Well R. (2012) Microeconomics (3rd ed.) Worth
Hussen A. (2000) Principles of Environmental Economics, 2nd Edition, Routledge. (Appendix A of Hussen provides a concise summary of key elements of microeconomics that could be helpful)
Blanchard O. et al. (2010) Macroeconomics (2nd ed.) Pearson
Connolly S. and Munro A. (1999) Economics of the Public Sector, Prentice Hall