Course Description
This is an advanced course covering the ways in which economics is used to analyze natural resource policy issues. We will cover the basic principles and methods economists have developed to characterize the efficient use of natural resources ranging from minerals to energy to water. We will study the kinds of problems commonly encountered in our actual uses of natural resources and their root causes in the ways that markets function. We will use our understanding of those root causes to see what kinds of policies ought, in principle, to remedy those problems. We will look at ways of determining how well different kinds of policies work in actual practice using the tools of quantitative economic analysis. The course also includes a module on quantitative analysis using a hands-on, intuitive approach based on Excel.
Required Text
Barry C. Field. Natural Resource Economics: An Introduction, 3rd Edition.
Prerequisites
ECON 300 (Intermediate Microeconomics) is required for all students in this class.