MSC 491Q: Natural Resource Economics

1. MSC 491Q:Natural Resource Economics David Letson Marine Affairs/Economics University of Miami

2. Welcome to MSC 491!

3. Main Points How do I reach him? Do I really want to take this class? What does he do? Other questions?

4. How to reach me Office Hours: TR, 11am-noon in Cox 160. 305 - 421- 4083 dletson@rsmas.miami.edu http://mscserver.cox.miami.edu/msc491/msc491.html

6. Course Description Economics of national, international and global environmental problems Sustainable development Use conflicts: causes, consequences

7. Objectives General goal: Critical appreciation of economics as applied to natural resources Specific goals: non-market valuation, economics of sustainability, regulation, and international trade and the environment

8. Requirements and Grading Three tests: 30% each. Feb 15, March 27 & April 26 Last year�s tests online & on reserve Classroom participation: 10% Economics is not a spectator sport.

10. Reading Materials Tom Tietenberg. Environmental and Natural Resource Economics. 7th ed. Addison Wesley Longman, 2006. RFF Reader in Environmental and Resource Management. 2006. W. Oates, ed. 2nd edition. Resources for the Future. Papers on reserve at Richter Library. Stay current: The Economist Environment

11. Course Outline Economic Growth and Sustainability Non-market Valuation Economic Policy Instruments Renewable and Exhaustible Resource Economics The International Setting

12. Economic Growth and Sustainability What is sustainability? When is growth sustainable? How do economists view natural resources? What are some of the basic principles of economics?

13. A Word About the Rational Choice Model

14. Non-market Valuation What values do we have for natural resources? Are prices the same as values? Does anyone believe non-market valuation? Do marine resources pose problems?

15. Economic Policy Instruments Pollution, economically speaking Efficient regulation? How about incentives?

16. Renewable & Exhaustible Resource Economics How fast should we use them? How does technical innovation reduce scarcity? How does abundance influence development?

17. The International Setting Do rich nations consume too much? Is globalization bad for the environment? Global problems: climate change, biodiversity loss How is trade good for the environment? In 1967 Marshall McLuhan introduced the phrase "the global village" to describe the ever speedier communication that made our world a smaller place. Naturally, where information has flowed, business has followed and, today, globalization has come to be associated with growing economic integration and liberalization; trade deregulation; convergence of macroeconomic policies; modification of the role and concept of nation state; proliferation of supranational agreements and regulatory bodies; and globalization of information systems. As economic forces stimulate our demands upon oceans, for resource use and waste disposal, the approaching closure of what once seemed a vast and open frontier has important implications for humanity.In 1967 Marshall McLuhan introduced the phrase "the global village" to describe the ever speedier communication that made our world a smaller place. Naturally, where information has flowed, business has followed and, today, globalization has come to be associated with growing economic integration and liberalization; trade deregulation; convergence of macroeconomic policies; modification of the role and concept of nation state; proliferation of supranational agreements and regulatory bodies; and globalization of information systems. As economic forces stimulate our demands upon oceans, for resource use and waste disposal, the approaching closure of what once seemed a vast and open frontier has important implications for humanity.

18. We May Occasionally Get Technical

19. Welcome to MSC 491Q. Office Hours: TR, 11am-noon in Cox 160. 305 - 421- 4083 dletson@rsmas.miami.edu http://mscserver.cox.miami.edu/msc491/msc491.html