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Lec 12 Flashcards

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1
Q

Neoclassical economics

A

A theory of economics that explains market prices in terms of consumer preferences for units of particular commodities

Buyers want lower prices

Sellers want higher

This conflict results in a compromise-price and the “right” quantity being bought and sold

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2
Q

4 assumption of the neoclassical theory

A

Resources are infinite or substitutable

Long-term effects should be discounted

Costs and benefits are internal

Growth is good

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3
Q

Issues with Neoclassical theory assumptions

A

These assumptions have massive environmental implications

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4
Q

Resources are infinite and substitutable issues

A

The Earth is a closed system

Even renewable resources can be exploited and used up

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5
Q

Tragedy of the Commons (Hardin 1968)

A

Analogy that shows how individuals driven by self-interest can end up destroying the resource upon which they depend

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6
Q

Natural Resources is another word for

A

Commons

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7
Q

Collapsing tragedy

A

Tragedy in which selfishness causes the loss of a resource

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8
Q

Component tragedy

A

Selfishness reduces the resource

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9
Q

Long-term effects should be discounted issues

A

The market value resources is discounted for future use

Economically, best to gain value now instead of waiting for later

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10
Q

Neoclassical economics

A

All costs and benefits of goods or services are between the individuals involved in the transaction

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11
Q

Real life economics

A

We are all connected

Costs and benefits are not internal

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12
Q

Externalities

A

Costs or benefits of a transaction that involve people other than the buyer or seller. Can either be positive or negative

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13
Q

Problem with externalities

A

Too many negative ones

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14
Q

Growth is good issue

A

More and bigger is not always better

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15
Q

Commonly used metric for the health of an economy is

A

Its growth rate: how many goods and services are provided

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16
Q

What to do about neoclassical economics problems

A

Think beyond a single economic bottom line

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17
Q

Single bottom line

A

Generating profit is the only focus

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18
Q

Triple bottom line

A

Economic social and environment are factors

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19
Q

3 bottom line idea

concept of the 3 P’s

A

People

Planit

Profit

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20
Q

How do we approach the triple bottom line system

A

Assign a value to the goods and services we receive from the environment

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21
Q

Ecosystem goods and services

A

The benefits humans derive from ecosystem functions. Often referred as ecosystem services

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22
Q

Ecosystem function

A

The capacity of nature to provide goods and services that satisfy human needs

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23
Q

4 types of ecosystem services

A

Provisioning

Regulating

Cultural

Supporting

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24
Q

Provisioning

A

The delivery of products that we directly use

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25
Regulating
Services provided that regulate our environment
26
Cultural
Non material benefits that enrich the human experience
27
Supporting
The provision of ecosystem processes needed to support life and all other ecosystem services
28
Ecosystem service example Water regulation
Regulation of hydrological flow Provisioning category
29
Ecosystem service example Nutrient cycling
Storage, internal cycling, processing and acquisition of nutrients Nitrogen fixation Supporting category
30
Ecosystem service example Food production
That portion of gross primary production extractable as food Provisioning category
31
Social and environment make
Bearable
32
Social and economic make
Equitable
33
Economic and environment make
Viable
34
Social environment and economic make
Sustainable
35
Ecosystem valuation
Assignment of economic value to an ecosystem or ecosystem services
36
Ecosystem valuation Often represents
The monetary cost of replacing the ecosystem service The monetary value of the capital gained from the resource
37
Estimating nonuse values includes
Existence value Aesthetic value Bequest or option value (willingness to pay to protect some forms of natural capital for future generations)
38
Estimating the values of the Earth's natural capital includes
Monetary worth of ecosystem services
39
Traditional/Neoclassical economics Capital
Goods and services of economic value Resources that can be used to create goods
40
Traditional/Neoclassical economics Social capital
The value of relationships between people
41
Traditional/Neoclassical economics Natural capital
The summation of all ecosystem services on Earth, available to us for free
42
Ecological economics Natural capital
Resources and services provided by the Earth's natural processes
43
Ecological economics Human capital
People's physicals and mental talents Includes the social capital from traditional economics
44
Ecological economics Manufactured capital
Tools and materials
45
Ecological economics recap
Human economic systems are subsystems of the biosphere Conventional economic growth will become unsustainable
46
Economic value of natural capital and pollution control Things we must estimate
Present and future values of a resource or ecosystem service Optimum levels of pollution control and resource use
47
Marginal cost of resource production
Cost of removal goes up with each additional unit taken
48
Optimum level of resource use
Intersection of supply and demand curves
49
Optimum level for pollution cleanup
When cost of removing pollutants exceeds harmful costs of pollution
50
Alberta Timber Value of timber production
Pulp Saw-logs Veneer
51
Alberta timber cost
6.2 billion dollars over 20 years
52
Examples of Ecosystem Valuation Carbon Sequestration in Alberta
How much C is stored in forests Valued as the market cost of C as defined by the Alberta Government Value of forest carbon in Alberta is $144 billion based on current storage
53
Potential solution Ecological Economics looks into
Depletion of natural resources and longer-term implications Pollution and its ecological and human health effects Disturbances that cause damage to natural ecosystems Endangerment and extinction of species Impairment of ecosystem services that are part of the life-support system of the planet Social effects of environmental damage
54
Potential solution Sustainable Economics
A sustainable economy can be maintained over time without causing depletion of its natural capital Wise use of renewable resources, harvested at rates equal to or less than their productivity Economic development= Progress made toward a sustainable economic system
55
Most countries
Still support rapid economic growth
56
In a conventional market scenario
The supply of something increases, the demand increases too
57
Ecosystem supply and demand
Many ecosystem services are only swappable up to a point With ecosystems, once they stop functioning, their services disappear, so the demand curve changes
58
Cost-benefit analysis
State all assumptions used Include estimates of the ecosystem services Estimate short- and long-term benefits for all population groups Compare costs and benefits of alternative courses of action
59
We can use resources more sustainably by
Full-cost pricing Subsidizing environmentally beneficial goods Taxing pollution and waste instead of wages and profits
60
Full cost pricing
Including estimated costs of harmful environmental and health effects of productions
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Market price
Does not include indirect, external, or hidden costs
62
Global value of Marine and Terrestrial services
$33268 yr (-1) x 10(8) 20949 for marine 12319 for terrestrial
63
Global value of nutrient cycling
$17075 ha/yr (-1)
64
Terrestrial natural capital with value
Forests Grasslands/rangelands Cropland Swamps/Floodplains
65
Aquatic natural capital with value
Coastal marshes/mangroves Open ocean Coral Reefs Marine Shelf Lakes/Rivers
66
Changes in area vs unit value from 1997 to 2011
No change in area but unit value has increased
67
Principles of Neoclassical Economics
Grow Compete Use resources fast
68
Principles of ecological economics
Just so much and no more Take only what you need and leave your competitor enough to live When a part wears out, don't discard it, use it for something else Give to the future

bio 381 (21 decks)

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