You need to know the language if you hope to have a seat at the table!
The EPA and other federal agencies have developed a “ Social Cost of Carbon” (SC-CO2)--derived from the benefits part of a cost-benefit analysis --to analyze the economic benefits of legislation to reduce carbon dioxide (CO2) emissions. When environmental degradation occurs and people incur expenses to mitigate or repair that degradation, the amount spent reflects the value people place on that environment. The value we place on the future climate relative to the present climate conditions can be captured in a discount rate . These examples demonstrate the importance of understanding basic economic concepts as they apply to a variety of environmental issues. This course will provide an introduction to those concepts and how to calculate things like marginal costs, net present value and willingness to pay. It will review the polluter pays principle and the role of property rights and other pieces of legislation on environmental concerns in the United States.
This course will draw on a number of Environmental and Engineering Economics texts, and will supplement classroom learning with real-world applications of the concepts and calculations. The final project will involve an economic analysis of an environmentally-related topic of the student's choosing.