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Endterm > Chapter 23: Economics, Environment and Sustainability > Flashcards

Chapter 23: Economics, Environment and Sustainability Flashcards

1
Q

3 Types of Economic Systems

A
  1. Centrally Planned Economy
  2. Free-Market Economy
  3. Mixed Economy
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2
Q

5 Market Limitations

A
  1. A truly free market is rare due to external influences on prices and sales
  2. Subsidies: can sometimes mask the true environmental and health costs of products
  3. Natural Capital: Resources produced by the earth
  4. Human Capital: Talents of individuals contributing to labor and innovation
  5. Manufactured Capital: Tools and materials used in production
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3
Q

Market Failures

A

Market often fail to account for public goods, leading to negative environmental and social impacts

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4
Q

High Throughput Economy

A

Focuses on increasing the flow of resources to produce more goods and services, often at the expense of the environment

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5
Q

Neoclassical Theory on Limitations of Economic Growth

A

Believes in unlimited growth through substitution of resources

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6
Q

Ecological Economists on Limitations of Economic Growth

A

Argue that there are limits to growth due to finite nature of many vital resources. They emphasize the dependency of economies on the biosphere and its natural resources

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7
Q

Laws of Conservation and Thermodynamics

A

Highlight the limitations of resource consumption and waste production suggesting that unchecked growth can exceed the environment’s capacity to renew resources and manage waste

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8
Q

Steady-State Economy

A

An economy where resources are continually recycled or reused, with no waste and no new resource inputs

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9
Q

Middle Ground - Environmental Economists

A

While they align with the ecological economist model, environmental economist believe in adjusting current economic systems for sustainability rater than overhauling them entirely

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10
Q

Non-Use Values

A

Values not represented in market transaction

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11
Q

3 Non-Use Values

A
  1. Existence Value: Value derived from the mere existence of a resource (e.g. forest)
  2. Aesthetic Value: Value derived from the beauty of nature
  3. Option Value: Value based o the willingness to pay to protect natural capital
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12
Q

Cost-Benefit Analysis

A

A method where estimated costs and benefits of environmental actions are compared

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13
Q

2 Challenges of Cost-Benefit Analysis

A
  1. Difficulty in estimating indirect costs like human life, health, clean air, and water
  2. Can be used by industries to delay or avoid compliance with regulations
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14
Q

4 Guidelines for effective cost-benefit analysis

A
  1. Clearly state all assumptions
  2. Include estimates of ecosystem services
  3. Estimate both short/long-term benefits and costs for all affected groups
  4. Compare the costs and benefits of alternative actions
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15
Q

GDP

A

Measures economic welfare but doesn’t account for environmental or health impacts

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16
Q

Genuine Progress Indicator (GPI)

A

Considers GDP, beneficial transactions, and subtracts harmful environmental, health, and social costs

17
Q

Green Taxes

A

Taxes on pollution, hazardous wastes, and resource use

18
Q

3 Requirements for success with Green Taxes

A
  1. Phased introduction over 10-20 years
  2. Reduction of other taxes equivalent to green tax revenue
  3. Safety nets for low-income groups
19
Q

3 Advantages Green Taxes

A
  1. Promotes full-cost pricing
  2. Encourages eco-friendly technologies and products
  3. Can be managed by existing tax agencies
20
Q

3 Disadvantages Green Taxes

A
  1. Can penalize low-income groups without safety nets
  2. Difficult to determine optimal tax levels
  3. Wealthy polluters might absorb low taxes as costs
21
Q

Eco-Labelling and Certification

A

Encourages the production of environmentally friendly products

22
Q

Greenwashing

A

Misleading consumers by falsely marketing products as environmentally friendly

23
Q

Incentive-based Regulations

A

Use economic forces to motivate businesses to reduce pollution and waste

24
Q

Innovation-friendly Regulations

A

Set goals and allow industries flexibility in achieving them

25
Q

Cap-and-Trade

A

Companies can save, use, or sell unused pollution permits

26
Q

Selling Services

A

Focus on providing services with minimal material use and pollution, rather than selling products

27
Q

Poverty

A

The state where individuals cannot fulfill their basic needs

28
Q

Combat Malnutrition and Diseases to Alleviate Poverty

A

Launch a global initiative to address malnutrition and combat infectious diseases that result in millions of deaths

29
Q

Education to Alleviate Poverty

A

Ensure universal primary education for all children and provide literacy programs for adults

30
Q

Population Control to Alleviate Poverty

A

Assist developing countries in reducing their population growth

31
Q

3 Ways to Achieve Population Control to Alleviate Poverty

A
  1. Investing in family planning initiatives
  2. Alleviating poverty
    3 Elevating the status and rights of women
32
Q

Reduce Ecological Footprint to Alleviate Poverty

A

Focus on significantly reducing both the total and per capita ecological footprint of developed nations and fast-growing developing countries

33
Q

Invest in Small-Scale Infrastructure to Alleviate Poverty

A

Promote investments in small-scale, sustainable infrastructure

34
Q

3 Examples to Invest in Small-Scale Infrastructure to Alleviate Poverty

A
  1. Introducing solar cells in rural villages
  2. Supporting sustainable agricultural practices
  3. Aiding developing nations in transitioning towards energy-efficient economies
35
Q

Microfinancing

A

Encourage financial institutions to provide microloans to impoverished individuals. This can empower them to start small businesses, leading to self-sufficiency and economic growth

36
Q

Low-Throughput Economy

A

Low-waste economy

37
Q

5 Key Strategies for an Sustainable Economy

A
  1. Reuse and Recycle
  2. Sustainable Use of Renewable
  3. Efficient Resource Use
  4. Reduce Harmful Consumption
  5. Prioritize Pollution Prevention
38
Q

Economic Succession

A

Recognize that as economies evolve, certain industries may become obsolete while new, more sustainable industries emerge

Endterm (7 decks)

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