The economy and the environment: economy-environment interaction, the first and second law of thermodynamics, environmental degradation as market failure, Pigouvian tax, property rights and transactions costs; Economics of natural resources: renewable and non-renewable resources, common property resources, open access, the tragedy of commons; Valuation methods: classification of environment and resource flows, use values, option values and non-use value, contingent valuation, hedonic pricing, travel cost method, environmental impact assessment; Pollution control: pollution prevention, control and abatement, command and control instruments and market based instruments â€“ taxes vs. tradeable permits, overview of different acts/laws for pollution control in India ; Environment and development: environment-development trade off, environmental Kuznet-s curve, poverty and environment, sustainable development- concepts and indicators, environmentally adjusted GDP, System of Integrated Environmental and Economic Accounting (SEEA).
N. Hanley, J. F. Shogren and B. White, An Introduction to Environmental Economics, Oxford University Press, 2001^$^C. Kolstad, Environmental Economics, Oxford University Press, 2000
U. Sankar (ed.), Environmental Economics (Readers in Economics), Oxford University Press, 2001^$^T. Tietenberg, Environmental and Natural Resource Economics, Pearson Education, 2004
Academic Complex Block F Department of Humanities and Social Sciences
Indian Institute of Technology Guwahati
Guwahati, Assam, 781039