module specification

The module allies economic principles in an investigation of the causes, consequences and possible solutions to problems of environmental degradation and climate change. The three major themes in the module are (i) the determination of the optimum levels of environmental resource usage (ii) the analyses of alternative ways of attaining those targets and (iii) the impact of these actions on business decision making. The crucial notion of 'sustainability' is a key investigation. So are the proximate and underlying causes of environmental problems. The main aim of the module is to introduce students to the economists’ way of analysing environmental problems.

The module aims to provide students with:
1. a systematic knowledge and understanding of the principles of environmental economics;
2. a critical awareness of sustainability debates both within economics and between economics and other disciplines with respects to environmental degradation brought about by economic activity across the globe;
3. an ability to participate in policy debates;
4. an awareness of the impact on businesses of the changing nature of the natural and regulatory environment;
5. a range of transferable skills and subject-specific knowledge that will be of value to employers.

The module also aims to develop students' skills, in particular: self-assessment and reflection; academic study skills; subject research; quantitative analysis; data analysis; problem solving; applied analysis; literacy; academic study skills; critical thinking; self-assessment and reflection.

Understanding of the problem of sustainable development and limits to growth. Introduction to sources of pollution, ecological systems and ecological economics.  1-5

The causes of environmental problems: population, income and consumerism; technology; property rights, externalities and market failure.
Proposed determination of the optimum levels of environmental resource usage: the equi-marginal principle.
Evaluation of alternative types of environmental policy instruments: the Coase Theorem; command and control; taxes; subsidies; and tradable permits. Environmental regulation (taxes, penalties) vs market and voluntary instruments.
Socio-economic management tools, including the promotion of eco-friendly attitudes by the state in conjunction with civil society (NGO’s, churches, etc.).
Valuation of environmental resources: total economic value and valuation techniques.
The economics of biodiversity as a case study: evaluation of the complex value of biodiversity and policy responses to the current massive loss of biodiversity.
A bird's eye view on the economics of climate change: balancing the costs and benefits of climate change policies.
Real options and investment economics as an approach to deciding when and how much to invest in conservation activities.

Students’ learning is organised around direct contact time with the teaching team, and reflective independent learning. The direct contact time takes place through lectures, seminars and group workshops. Students are expected to complement this 'formal' learning activity with further reading of the material suggested in the teaching sessions, solving realistic business problems using economic analysis, research, writing, planning and preparation for group presentations, class tests (final exam).
Student contact time will normally be 3 hours per week. Lectures will typically be around 1.5 hour duration and will deliver core subject knowledge in environmental economics. As this module emphasises the development of theory, policy and application students will be given environmental problems to solve. This activity will form the basis of the seminar.
The contact time with teaching teams will be organised around a range of learning activities including active learning to acquire knowledge and understanding, problem solving, problem based learning, presentations, analysis of case studies, group reading and analysis of research papers, discussion of policy issues and debate.
A number of activities will require students to carry out independent work prior to meetings with lecturers. Students will be required to engage with research published in high level academic journals and research institutes.
Professional and transferable skills are developed in lectures and seminars, and through independent directed learning and assessment. Skills development is enhanced through problem solving and problem-based learning practiced in seminars, working co-operatively in groups around tasks that reflect the learning outcomes specified earlier in the document.
The module makes extensive use of blended learning through use of virtual learning environment platforms (Web-Learn) in which module lecture material, course handbooks, test questions, feedback on assessment, and other material is placed. Other ICT resources include links to key web resources such as Government departments, and research institutes.

On successful completion of this module students will be able to:
1. Demonstrate a conceptual understanding of the principles of economic analysis and its application in examining environmental problems through an appreciation of the economic causes and consequences of environmental degradation brought about by economic activity;
2. Critically evaluate the extent to which market-based mechanisms might provide a solution to the problem of environmental degradation in the absence of overt intervention and the need for, and role of, environmental regulation;
3. Demonstrate a theoretical and practical understanding the differences between alternative methods for valuing environmental resources and environmental damages;
4. Appreciate and critically evaluate the economic consequences of alternative types of policy instruments for biodiversity conservation;
5 Appreciate the role of cultural and attitudinal factors as determinants of environmental degradation and of the need for these to be addressed for the purpose of climate change mitigation and adaptation.

The assessment strategy is developed with the aim of testing the module's learning outcomes. Students will be assessed by both formative and summative assessment through coursework and an in-class test. The essay and its presentation, and the class test will assess all learning outcomes and will provide a thorough assessment of students' knowledge of the key issues in contemporary environmental economics and their ability to synthesising and present complex reasoning clearly and concisely.

Seminars are important activities where formative and summative feedback is provided. In these sessions the assessment instruments and assessment criteria are explained and discussed. Examples of past good practice in assessment are placed on Weblearn and linked clearly to the assessment criteria used in the assessment. Through this process students have access to examples of best practice and see the grading criteria in operation. Students will be encouraged to provide critical feedback on the assessment tool as it evolves.

Students have periodic opportunities to receive formative feedback on their assessment. When students orally present coursework this provides an opportunity for students to receive early formative feedback. There is then an opportunity for self-reflection and development before final submission of the piece of work. This activity will enable students to further reflect upon and deepen their understanding of assessment criteria, assessment outcomes, the performance of peers and their own performance.

CORE TEXT

Hussen. A. Principles of Environmental Economics and Sustainability: An integrated Economic and Ecological Approach. 2019 Routledge.

OR

Hanley N, Shogren JF, White B, Introduction to Environmental Economics Oxford 2019 3/E  :  Provides a ‘neo classical’ economists view of the best way to assess our relation with the environment.

OTHER TEXTS
Collier, P. (2010), The Plundered Planet: How to Reconcile Prosperity with Nature, Allen Lane.
Field B & Field M.K. Environmental Economics Paperback – 7th edition KINDLE only 19 Feb 2016

Stavins R N. Economics of the Environment: Selected Readings 2012, Norton 6/E ISBN-13: 978-0393913408  (Download free from several sites. Use your search engine.) The 5th edition 2005 was substantially different but included Hardin’s ‘The Tragedy of the Commons’

Pearman R, Ma Yue, McGilvray J and Common M. Natural Resource and Environmental Economics 4/E Pearson 2011

Raworth.K., Doughnut Economics: Seven Ways to Think Like a 21st century Economist OUP 2017 attempts to redefine economics in relation to the natural environment to identify an ‘ecologically safe and socially just space’. (enthusiastic review by G. Monbiot, 12.4.17 The Guardian)

Simms Andrew, Ecological Debt :Global Warming and the Wealth of Nations 2/E Pluto (and Kindle) 2009

Schmidt A. The Concept of Nature in Marx Verso 2014

Foster J B & Burkett P Marx and the Earth Haymarket 2017

Perman, R., Ma, Y., McGilvray, J. and Common M. (2011), Natural Resource and Environmental Economics, Third Edition, Pearson Education

Tietenberg, T. and Lewis L. (2009), Environmental and Natural Resource Economics,
8th Edition, Pearson Addison Wesley.

Tietenberg T. and Lewis. L. (2010), Environmental Economics and Policy, 6th edition,
Pearson.

ARTICLES
Carter et al. 2006. “The Stern Review: a dual Critique, Part 1: the Science”, in World Economics 7: 165-198
Glikson, A., 2007. ‘A response to a dual Critique’, World Economics 8: 233-238
Hansen, J., L. Nazarenko, R. Ruedy et al. (2005), ‘Earth’s Energy Imbalance: Confirmation and implications’,  Science 308, 1431-1435
Stern N., (2006), ‘What is the economics of climate change? World Economics 7: 1-10.
Toll, R. and Yohe, G. (2006), ‘A review of the Stern Review’, World Economics 7: 233-50
Girardi, G., (2017), ‘Escaping the economist’s straightjacket: overcoming the free-rider mentality which prevents climate change from being effectively addressed’, in Leal, W (ed) Universities and Climate Change: the Role of Higher Education Institutions in Addressing the Mitigation and Adaptation Challenges, Springer

OTHER DOCUMENTS
United Nations experts summary report on “Sustainable Development: harmony with nature”, August 2016, www.un.org/en/ga/search/view_doc.asp?symbol=A/71/266