Topics covered in Environmental Economics (Paper I)

Environmental Economics is a branch of economics that focuses on the economic impact and implications of environmental policies and issues. The subject matter of Environmental Economics (Paper I) covers a wide range of topics related to the intersection of the environment and the economy. These topics include:

1. Introduction to Environmental Economics:
- Definition and scope of Environmental Economics
- Basic concepts and principles of Environmental Economics
- Relationship between the environment and the economy
- Importance of sustainable development

2. Valuation of Environmental Resources:
- Methods of valuing environmental goods and services
- Market and non-market valuation techniques
- Economic approaches to measuring the value of natural resources
- Contingent valuation and stated preference methods

3. Economic Analysis of Environmental Problems:
- Market failure and environmental externalities
- Cost-benefit analysis and its application to environmental issues
- Pollution control policies and their economic implications
- Environmental regulations and their impact on businesses and industries

4. Natural Resource Economics:
- Economics of renewable and non-renewable resources
- Optimal extraction and depletion of natural resources
- Sustainable management of natural resources
- Economic analysis of biodiversity conservation

5. Climate Change Economics:
- Economic impacts of climate change
- Mitigation and adaptation strategies for climate change
- International climate change agreements and their economic implications
- Carbon pricing and emissions trading schemes

6. Environmental Policy and Governance:
- Role of government in environmental protection
- Environmental policy instruments and their effectiveness
- Environmental taxation and subsidies
- Institutional frameworks for environmental governance

7. Environmental Accounting and Sustainability:
- Environmental accounting methods and indicators
- Green accounting and its role in sustainable development
- Linkages between economic growth and environmental sustainability
- The role of businesses in promoting sustainable practices

Overall, Environmental Economics (Paper I) provides a comprehensive understanding of the economic aspects of environmental issues and policies. It equips students with the knowledge and analytical tools to assess the economic feasibility and effectiveness of environmental interventions and to contribute to sustainable development efforts.