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.. social concerns not consideredRetained emphasis on scarcity and supply and demand in determining prices and resource allocaIon.• Growthisseenasa necessity.
• Naturalresources viewed as merely factors of producIon rather than criIcal supplies of materials, services, and waste sinks.
Is the way to maintain full employment – Is the way to avoid class conflictPROFIT?
Anything with potenIal use increaIng wealth or giving saIsfacIon.– Nonrenewable resources ? Materials present in fixed amounts in the environment.– Renewable resources ? Materials that can be replenished or replaced.– Intangible resources ? Abstract resources such as open space, beauty, serenity etc.
Acknowledges dependence on essenIal life?support services provided by nature.• ASempts to account for externaliIes – both social and environmental costs• ASempts to address natural ameniIes/non economic values
livingontheearth’srenewable resources without damaging the ecological processes that support us all.
the Nonmarket Values
– Use ? Price to consume a resource. – OpIon ? Preserving for future. – Existence ? Even if unseen. – AestheIc ? Appreciated for beauty.
– Cultural ? Important in cultural idenIty. – ScienIfic ? Experimental aspects.
Cost Benefit Analysis
ASempts to assign values to resources and social and environmental effects of carrying out any undertaking.
RecogniIon that something may be worth less today than it will be in the future.Discount rates tend to reflect the rate at which those in the economy are willing to trade present for future consumpIonMany environmental economists take a dim view of discount rates, fearing that future damages will always be discounted in calculaIons of cost?benefit
making externaliIes (e.g.
polluIon) internal to the costs of business
Triple Bottom Line
People, planet, profit
Metrics for Evaluating the Economy
Gross NaIonalProduct(GNP)?Totalvalueofgoods and services produced by an economy (all US residents) during a year.• Gross DomesIc Product (GDP) ? The market value of goods and services produced by labor and property in the United States, regardless of naIonality; GDP replaced gross naIonal product (GNP) as the primary measure of U.S. producIon in 1991.• BothcriIcizedasmeasureofwell?beingbecause they do not disInguish between beneficial and harmful growth.– Also do not account for resource deple+on or ecosystem damage.
Genuine Progress Index…
Takes into account real per capita income, distribuIonal equity, natural resource depleIon, and environmental damage.
Measuring Real Human Progress?
Human Development Index (HDI)– Incorporateslifeexpectancy,educaIonalaSainment,andstandardof living measures.
Measuring Real progress?
Environmental Performance Index (EPI)– Incorporatesenvironmentalhealth,airquality,waterresources,natural resources, biodiversity and habitat and sustainable energy