Instructor: Hackett, Steve
Subject area: Economics
Department: Economics
Course number: 423
Year taught: 1998
Comments: See web-site for lecture slides, practice quizzes, etc.
Instructor's email: sh2@humboldt.edu
Instructor's Webpage: http://www.humboldt.edu/~envecon/bio.html
Course Webpage: http://www.humboldt.edu/~envecon/e423.htm
Please note that the copyright for this syllabus is retained by the instructor.
Overview: This course will help you develop an
understanding of:
-The fundamentals of economics: scarcity & opportunity cost, the normative
foundations of economics, and
market exchange.
-The requirements of efficient markets, and the conditions under which markets
fail.
-The economics of externalities and the environmental policies designed to
reduce them.
-The economics of natural resources: dynamically efficient production, the
optimal management of both renewable and non-renewable resources, and the
governance issues associated with overcoming the Tragedy of the Commons.
-Issues and techniques associated with measuring the value of non-marketed
aspects of the environment.
-The methods (and shortcomings) of benefit/cost analysis.
-The political economy of environmental regulation and natural resources
management.
-The economics of assuring environmental compliance.
- Methods of regulation that harness the incentives of markets.
Course Description and Objectives:
To develop an understanding of:
-The fundamentals of economics: scarcity & opportunity cost, the normative
foundations of economics, and market exchange.
-The requirements of efficient markets, and the conditions under which markets
fail.
-The economics of externalities and the environmental policies designed to
reduce them.
-The economics of natural resources: dynamically efficient production, the
optimal management of both renewable and non-renewable resources, and the
governance issues associated with overcoming the Tragedy of the Commons.
-Issues and techniques associated with measuring the value of non-marketed
aspects of the environment.
-The methods (and shortcomings) of benefit/cost analysis.
-The political economy of environmental regulation and natural resources
management.
-The economics of assuring environmental compliance.
-Methods of regulation that harness the incentives of markets.
In addition to these learning goals and objectives, you will also have the
opportunity to:
-Engage in your own original research in an area related to the course material,
and to describe this research in term paper format.
-Select a readings chapter from World Resources 1996-97 and present a review of
that material at the end of the semester with a group of other students.
It is possible to succeed in this course without having done any previous study
of economics, but you will have more work ahead of you than those who do have an
economics background. Emphasis is given to respecting diverse viewpoints and
perspectives.
Textbooks:
Hackett, Steve, Environmental and Natural Resources Economics: Theory, Policy,
and the Sustainable Society (M.E. Sharpe, Publishers, 1998).
World Resources 1996-97
Topical Outline:
Week 1: Chapter 1--Introduction to Environmental and Natural Resources Economics
Week 2: Chapter 2--Value Systems and Economic Systems
Week 3: Chapter 3--The Economics of Market Allocation
Week 4: Chapter 4--Externalities: Why Markets Fail to Protect Environmental
Quality
Week 5: Chapter 4, continued; review for exam 1
Week 6: Exam 1; start Chapter 5--The Economics of Natural Resource Systems
Week 7: Chapter 5, continued
Week 8: End Chapter 5; start Chapter 6--Pricing the Environment: Meas. and
Analysis of Benefits and Costs
Week 9: Chapter 6
Week 10: Chapter 7--The Political Economy of Environ. Regul. and Resource
Management
Week 11: Chapter 8--Motivating Regul. Compliance: Monitoring, Enforce., and
Sanctions
Week 12: Chapter 9--Incentive Regulation: Marketable Allowances and Pollution
Taxes
Week 13: finish Ch.9; Exam 2
Week 14: Student Group Presentations or Chapter 10-Global Warming
Week 15: Student Group Presentations
Final Exam: 9:30 Class: Thursday, 14 May @ 8:00.
11:00 Class: Tuesday 12 May @ 10:20
Policies
Responsibilities:
My responsibility is to lead and motivate students who are committed to the
learning process, and to determine the extent to which students have mastered
the material covered in this course. By signing up for this course you have
accepted responsibility for attending class regularly and on-time, being an
active learner who contributes to the classroom discussion, and for your
performance on assignments.
Procedural Rules:
Missed or late assignments: If you fail to take an exam, turn in a term paper,
or participate in a group presentation, you will receive a "0" for
that assignment. The only exception is for serious and compelling reasons, which
are limited to documented and serious illnesses, hospitalization, death in the
family, or equally important reasons. If this occurs to you, you must notify me
as soon as possible (and prior to exams) and I will offer you an alternative to
receiving "0". Turning in late term papers can place those who
respected the deadline at a grade disadvantage because they had less time to
develop their work. Accordingly, unless you have a serious and compelling reason
for missing an assignment or term paper deadline, you will receive a 2 letter
grade deduction for lateness.
Grading Philosophy: Grades are based on my professional opinion of your
work and are not subject to negotiation. If I have made an error, however,
please bring it to my attention.
Conduct: Don't be late, don't interrupt speakers, be courteous of others,
and engage the subject matter. Help create a friendly, inclusive, and rigorous
classroom culture in which everyone is welcome to comment and contribute, and in
which diversity is respected.
Grading:
Mid-Term Examinations:
You will have two mid-term exams, each worth 30 percent of your final grade.
Group Presentation:
You will engage in one group presentation of the chapter from World Resources
1996-97. The group presentation
constitutes 10 percent of your final grade.
Term Paper (Due Tuesday 21 April 1998 In Class):
Students will write a short (maximum of 7 double-spaced pages of text)
word-processed term paper in which you report of independent study in some
aspect of the subject matter of the course. Examples of past term papers are
given in the student essays component of the course Internet site. For example,
you could write a critical essay on one of the readings, a topic out of the
textbook, or especially one of the independent readings books. You could do
independent research, or volunteer research activity for an agency or
organization. You could read and review several books or articles on the subject
matter that are not covered in the course. All term papers will have a cover
page with title, author, and date, no more than 7 pages of double-spaced text
(with sources cited in the text), a list of references (usually a minimum of 5),
and any tables, figures, or other appendix material you would like to include
(not a place to dump more text). You should get your topic approved by me
beforehand; this will allow you to get feedback from me and likely improve your
grade. Please note that the grade of "A" is reserved for work that is
truly an outstanding achievement. In contrast, "B" refers to work that
is more than satisfactory ("C") but less than an outstanding
achievement. Your term paper grade will be determined based on (1) mastery of
economic concepts, degree of economic sophistication, and the quality of your
description of the linkages between economic concept and the environment, (2)
quality of writing, and (3) novelty, originality, and creativity of your
project. The term paper constitutes 30 percent of your final grade.
Final Examination:
Students can elect to take the final exam as a method of raising their term
paper score.
Final Grade:
Numerical scores are assigned for each graded item. Your Course Numerical Score
will be:
.30*(Exam 1 Score) + .30*(Exam 2 Score) + .10*(Presentation Score) + .30*max
{Term Paper Score, Final Exam
Score}.
This Course Numerical Score will then be converted into a letter grade based on
the following scale:
100 - 93: A
92.99 - 90: A-
89.99 - 88: B+
87.99 - 83: B
82.99 - 80: B-
79.99 - 78: C+
77.99 - 73: C
72.99 - 65: C-
64.99 - 60: D+
59.99 - 50: D
49.99 - 0: F