Fall 2013 - 63817 - PA393L - Advanced Policy Economics
Environmental and Resource Economics & Policy
|Instructor(s):|| Olmstead, Sheila
|Day & Time:||M 9:00 am -12:00 pm|
|Waitlist Information:||For LBJ Students: UT Waitlist Information|
|Final Exam Information:||December 12, 2013 - 9:00am - 12:00pm SRH 3.122|
Students are required to take an additional three-hour course in policy economics, selected from among a set of courses focusing on the application of economic theory and techniques to a specific area of public policy. Course options include macroeconomics, public finance, regulation, international trade and finance, natural resources and environmental policy, health policy, transportation policy, human resource development, urban and regional economic development, international development, education policy, social policy, and labor economics. Not all options are offered every year. This course is usually taken in the second year.
This course provides a survey, from the perspective of economics, of issues regarding the use and management of natural resources. It covers both general methodological principles and specific applications. We will begin with an introduction to the principles of environmental and natural resource economics, reviewing the basic concept of economic efficiency and the conditions under which markets can and cannot be expected to result in efficient management of natural resources. We will also study the methods economists use to estimate the demand for environmental and natural resource amenities. Then we will apply these concepts, beginning with models of efficient extraction of non-renewable resources (like oil and minerals), and then moving on to the economics of pollution control. We will also cover many applications of economics to the management of renewable resources; possible applications include water resources, fisheries, forests and wildlife. The course will conclude with discussions of potential conflicts and complementarity between economic growth and environmental sustainability.
Course requirements will include several problem sets and policy memos, as well as a midterm and final examination.