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ENVIRONMENTAL ECONOMIC THEORY(Sponsored Course)
| Subtitle | Theory of Value, Preferences, and Sustainability Management of Economy-Environment System (Sponsored by Kyokuto Securities Ltd., Co.) |
|---|---|
| Lecturer(s) | CHOY, YEE K. |
| Credit(s) | 2 |
| Academic Year/Semester | 2023 Spring |
| Day/Period | Tue.3 |
| Campus | Mita |
| Class Format | Face-to-face classes (conducted mainly in-person) |
| Registration Number | 24802 |
| Faculty/Graduate School | ECONOMICS |
| Department/Major | ECONOMICS Type A, B |
| Year Level | 3, 4 |
| Field | MAJOR SUBJECTS PCP (MAJOR SUBJECT SEQUENCE 5) |
| Course Description | This course acquaints students with the theories of environmental economics as well as related topics and analytical methods. |
| K-Number | FEC-EC-35183-212-64 |
| Course Administrator | Faculty/Graduate School | FEC | ECONOMICS |
|---|---|---|---|
| Department/Major | EC | ECONOMICS | |
| Main Course Number | Level | 3 | Third-year level coursework |
| Major Classification | 5 | Major Subjects Course- Advanced Course | |
| Minor Classification | 18 | Lecture - Environment | |
| Subject Type | 3 | Elective subject | |
| Supplemental Course Information | Class Classification | 2 | Lecture |
| Class Format | 1 | Face-to-face classes (conducted mainly in-person) | |
| Language of Instruction | 2 | English | |
| Academic Discipline | 64 | Environmental conservation measure and related fields | |
Course Contents/Objectives/Teaching Method/Intended Learning Outcome
Background
The economy and the environment are hard to separate from each another. In a jointly determined economy-environment system, the natural system has a meaningful role to play for its material and non-material contributions to pull the economy into the perspective of growth. Nonetheless, the interaction between the economy and the environment also gives rise to the disruption of the natural system which if left unchecked, may turn into serious impairment of the physical, biological and social environment. The results are rising environmental, social and economic costs associated with environmental degradation, resource depletion and natural resource price hikes. As such, ensuring sustainability management of the economy-environment relations in ways that enable us to protect the ecological integrity of the natural system while optimizing its economic use is a matter of practical importance.
Purpose/Aims
The purpose of this course is to provide adequate perspectives and concepts for the exploration of the dynamic implications of the interactions between the economy and the environment. The aim is to enable students to understand clearly how the many actions and forces embedded in the economy-environment system interact with each other to give rise to actual and potential conflicts between economic growth and environmental sustainability, the resulting environmental external costs arising from environment-economy interactions, and their implications for planning and administering a delicate balancing act between economic and environmental sustainability. The course also seeks to enhance students’ mastery of coordinate and practical knowledge of sustainability management by tying learning and knowledge from different domains to environmental economic issues in real-life situations. This is intended to develop students’ critical thinking and cross-disciplinary analytical skills in problem-solving which is key to academic and career advancement.
This takes us into a wide range of discussions touching on the structure of environmental value, the relationship between value orientation or value-belief norm theory in environmental choices and economic preferences; the economic and environmental assumptions governing the costs and benefits of growth and environmental sustainability; the properties of natural capital, and their implications for environmental and resource conservation, among other subjects of interest.
Methods
All lectures will be conducted using high-impact power point slides prepared by the instructor. The course is devised to comprise a matrix of theoretical knowledge, practical applications of theoretical concepts in the management of economy-environment relations, and active student participation using Harvard Business School (HBS) Case Study Method detailed as follows:
(1) The first part consists of theoretical and conceptual discussions of environmental economic theory as shown in the syllabus section.
(2) The second part is designed to apply theoretical concepts to explain real-world issues. The idea is to allow students to make connections between theory and practice as well as to identify problems in a complex and interconnected global economic system when devising environmentally sustainable strategies or improving allocative efficiency.
(3) The last part of the course is a “from theory to practice” program. This is a high-impact educational program based on Harvard Business School (HBS) Case Method. It aims to nurture in students’ intellectual acuity and judgment to evaluate real-world issues and mitigating measures through a more innovative use of human reasons, environmental economic principles, practices, and methods. Students are required to apply the environmental knowledge they have learned in class to articulate various real-world issues based on assigned case studies. Methodologically, students will first form into a small group of 3 to 5 persons as a lead group to prepare for a presentation in class. After presentation, the rest of the students (in teams) are required to assume the role of policy makers, corporate executive officers, environmentalists, NGO representatives or ordinary citizens as the case deems fit, to create, present and rebut arguments based on evidence, concepts and theories, and to suggest mitigating measures or policy design. Attendance is compulsory and students will be evaluated based on how well they are able to conceptualize, articulate and apply the environmental concepts learned throughout the course to discuss real-world economy-environment issues.
Outcomes
At the end of the course, students should be able:
To grasp the complexity and the dynamics of economy-environment interactions and their implications for economic, environmental and social sustainability, and to devise policy and proper modes of control to achieve the highest level of environmental protection possible from economic activities.
To comprehend the multidimensional character of environmental externalities and the priorities between economic practice and environmental protection in sustainable policy and decision making.
To enhance students’ professional competence through sustained mental connections across disciplines and fields on global environmental issues with real life experiences.
The economy and the environment are hard to separate from each another. In a jointly determined economy-environment system, the natural system has a meaningful role to play for its material and non-material contributions to pull the economy into the perspective of growth. Nonetheless, the interaction between the economy and the environment also gives rise to the disruption of the natural system which if left unchecked, may turn into serious impairment of the physical, biological and social environment. The results are rising environmental, social and economic costs associated with environmental degradation, resource depletion and natural resource price hikes. As such, ensuring sustainability management of the economy-environment relations in ways that enable us to protect the ecological integrity of the natural system while optimizing its economic use is a matter of practical importance.
Purpose/Aims
The purpose of this course is to provide adequate perspectives and concepts for the exploration of the dynamic implications of the interactions between the economy and the environment. The aim is to enable students to understand clearly how the many actions and forces embedded in the economy-environment system interact with each other to give rise to actual and potential conflicts between economic growth and environmental sustainability, the resulting environmental external costs arising from environment-economy interactions, and their implications for planning and administering a delicate balancing act between economic and environmental sustainability. The course also seeks to enhance students’ mastery of coordinate and practical knowledge of sustainability management by tying learning and knowledge from different domains to environmental economic issues in real-life situations. This is intended to develop students’ critical thinking and cross-disciplinary analytical skills in problem-solving which is key to academic and career advancement.
This takes us into a wide range of discussions touching on the structure of environmental value, the relationship between value orientation or value-belief norm theory in environmental choices and economic preferences; the economic and environmental assumptions governing the costs and benefits of growth and environmental sustainability; the properties of natural capital, and their implications for environmental and resource conservation, among other subjects of interest.
Methods
All lectures will be conducted using high-impact power point slides prepared by the instructor. The course is devised to comprise a matrix of theoretical knowledge, practical applications of theoretical concepts in the management of economy-environment relations, and active student participation using Harvard Business School (HBS) Case Study Method detailed as follows:
(1) The first part consists of theoretical and conceptual discussions of environmental economic theory as shown in the syllabus section.
(2) The second part is designed to apply theoretical concepts to explain real-world issues. The idea is to allow students to make connections between theory and practice as well as to identify problems in a complex and interconnected global economic system when devising environmentally sustainable strategies or improving allocative efficiency.
(3) The last part of the course is a “from theory to practice” program. This is a high-impact educational program based on Harvard Business School (HBS) Case Method. It aims to nurture in students’ intellectual acuity and judgment to evaluate real-world issues and mitigating measures through a more innovative use of human reasons, environmental economic principles, practices, and methods. Students are required to apply the environmental knowledge they have learned in class to articulate various real-world issues based on assigned case studies. Methodologically, students will first form into a small group of 3 to 5 persons as a lead group to prepare for a presentation in class. After presentation, the rest of the students (in teams) are required to assume the role of policy makers, corporate executive officers, environmentalists, NGO representatives or ordinary citizens as the case deems fit, to create, present and rebut arguments based on evidence, concepts and theories, and to suggest mitigating measures or policy design. Attendance is compulsory and students will be evaluated based on how well they are able to conceptualize, articulate and apply the environmental concepts learned throughout the course to discuss real-world economy-environment issues.
Outcomes
At the end of the course, students should be able:
To grasp the complexity and the dynamics of economy-environment interactions and their implications for economic, environmental and social sustainability, and to devise policy and proper modes of control to achieve the highest level of environmental protection possible from economic activities.
To comprehend the multidimensional character of environmental externalities and the priorities between economic practice and environmental protection in sustainable policy and decision making.
To enhance students’ professional competence through sustained mental connections across disciplines and fields on global environmental issues with real life experiences.
Course Plan
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Method of Evaluation
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Reference Books
Jeroen C.J.M. van den Bergh (ed.). 1999. Handbook of Environmental and Resource Economics. Cheltenham; Northampton, Mass: Edward Elgar
Kerry Turner, Kenneth Button and Peter Nijkamp (eds.). 1999. Ecosystems and Nature: Economics, Science and Policy. Cheltenham, UK; Northampton, Mass: Edward Elgar
G. C. van Kooten and Erwin H. Bulte. 2000. The Economics of Nature: Managing Biological Assets. Malden, Mass: Blackwell
Henk Folmer, H. Landis Gabel (eds.). 2000. Principles of Environmental and Resource Economics: A Guide for Students and Decision-Makers. Cheltenham, UK; Northampton, MA, USA: Edward Elgar,
Choy Yee Keong. 2018. Cost-benefit Analysis, Values, Wellbeing and Ethics: An Indigenous Worldview Analysis. Ecological Economics, 145: 1-9
Choy Yee Keong. 2020. Global Environmental Sustainability: Case Studies and Analysis of the United Nations’ Journey toward Sustainable Development. Amsterdam (Netherlands), Oxford (UK), Cambridge (USA): Elsevier, pp.1-435
Choy Yee Keong and Ayumi Onuma. 2021. Transboundary Ecological Conservation, Environmental Value and Environmental Sustainability: Lessons from the Heart of Borneo. Sustainability 13, 9727:1-21,https://doi.org/10.3390/su13179727
Kerry Turner, Kenneth Button and Peter Nijkamp (eds.). 1999. Ecosystems and Nature: Economics, Science and Policy. Cheltenham, UK; Northampton, Mass: Edward Elgar
G. C. van Kooten and Erwin H. Bulte. 2000. The Economics of Nature: Managing Biological Assets. Malden, Mass: Blackwell
Henk Folmer, H. Landis Gabel (eds.). 2000. Principles of Environmental and Resource Economics: A Guide for Students and Decision-Makers. Cheltenham, UK; Northampton, MA, USA: Edward Elgar,
Choy Yee Keong. 2018. Cost-benefit Analysis, Values, Wellbeing and Ethics: An Indigenous Worldview Analysis. Ecological Economics, 145: 1-9
Choy Yee Keong. 2020. Global Environmental Sustainability: Case Studies and Analysis of the United Nations’ Journey toward Sustainable Development. Amsterdam (Netherlands), Oxford (UK), Cambridge (USA): Elsevier, pp.1-435
Choy Yee Keong and Ayumi Onuma. 2021. Transboundary Ecological Conservation, Environmental Value and Environmental Sustainability: Lessons from the Heart of Borneo. Sustainability 13, 9727:1-21,https://doi.org/10.3390/su13179727
Lecturer's Comments to Students
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Question/Comments
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