Achievement

Economics can be defined as the study of choice given scarcity. Given this definition, every environmental and natural resource policy issue has an economic component. Prof. Gregory Poe offered a module that provided scientists and engineers with insights into how economists think about environmental pollution, natural resource use, and sustainability. The module began with the basic philosophy underlying economics and why, under certain conditions, economists favor using markets to allocate most goods and services in society. Recognizing that the basic conditions for markets to "succeed" do not typically exist for environmental resources, the module addressed alternative policy mechanisms and incentive structures proposed by economists to arrive at a socially desirable level of environmental quality and natural resource use. The module concluded with a discussion of economic perspectives on sustainability, including global warming.