Environmental and Natural Resource Economics (8th semester for the academic year 2024-25)

Course Description

This course will examine the interaction of the economic system with nature. The course begins with the fundamental principles of Welfare Economics. It will next discuss the causes and impacts of environmental pollution, followed by the economic theory of environmental protection. Methods for measuring the benefits and costs that result from improving environmental quality will be then discussed. In addition specific measures (emissions tax, pollution permits, etc) for the protection of the environment will be covered.

We next turn to the theory of the optimal use and pricing of natural resources (exhaustible and renewable). We put emphasis on the Economics of Energy. We then examine the topic of sustainable growth in view of the exhaustibility of natural resources and the overshooting of the currying capacity of the environment. We will also discuss the policies of the European Union towards the environment and natural resources. Finally, we will provide a critical evaluation of the theory of Environmental Economics and Natural Resources and we will compare it with alternative theories aspiring to interpret ecological problems differently and to offer challenging solutions. The theoretical analysis is complemented with various applications.

Indicative Course Prerequisites: Microeconomic Theory Ι, Microeconomic Theory ΙΙ