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Enviro Economics > Unit 2: Problem of Sustainability: Ch.9 > Flashcards

Unit 2: Problem of Sustainability: Ch.9 Flashcards

1
Q

What is Methodological Pluralism

A

multiple insights guard against mistaken action based on one perspective

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2
Q

What is Natural Capital

A

Available Endowment of Land and Resources

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3
Q

What is Net Investment

A

process of adding to productive capital over time

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4
Q

What is Net Divestment

A

process of subtracting from
if productive capital decreases: economic declineW

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5
Q

What is Capital Depreciation

A

Deduction in national income accounting for the wearing out of capital overtime

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6
Q

What is NATURAL Capital Depreciation

A

No accounting made for loss of natural capital-only counts as income
Ex. forest vs timber

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7
Q

Techniques for Natural Capital Accounting

A

-physical accounting
-sustainable yield (if economic equilibrium > sustainable yield =resource threatened)
-absorptive capacity of the environment

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8
Q

Substituability

A

-Standard economics assumes Natural Capital can be substituted by Human Capital
ex. fertilizer

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9
Q

Complementarity

A

Manufactured + Natural Capital needed for effective production

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10
Q

Natural Capital Sustainability

A

aim to conserve to limit depletion and degradation and invest in renewal

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11
Q

Optimal Macroeconomic Scale

A

Level where further growth leads to lower well being or resource degradation

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12
Q

What are source functions

A

Extraction of energy and resources

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13
Q

What are SINK functions

A

disposal of wastes and waste energy

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14
Q

What is THROUGHPUT

A

total use of energy and materials as both inputs and outputs of a process

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15
Q

Open System

A

Economic System is Open
Exchanges energy and resources with global ecosystem

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16
Q

Closed System

A

Global Ecosystem is Closed

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17
Q

What is Empty World Economics

A

Economic system is small
Exploit natural resources to increase human made capital
Increased consumption
Economic activity constrained by limited quantities of human-made capital

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18
Q

What is Full World Economics

A

Economic system presses against ecosystem limits
Environmental degradation begins to undermine economic activity

19
Q

What is Dematerializatin

A

Achieve economic goal with decrease use of physical materials

20
Q

What is Decoupling

A

Break correlation b/w economic activity and increase in environmental impacts

21
Q

How do we know if Economics is reaching the limits of the Ecosystem

A

Look at the environmental thresholds being reached
PLANETARY BOUNDARIES
Exceeded Boundaries
-Nitrogen/Phosphorous
-Climate
-Land Systems Change
-Biodiversity

22
Q

What aspects are used to measure relationship b/w economic and ecological systems

A

-Net Primary Product of Photosynthesis: biomass energy
-Carrying Capacity
-Ecological Footprint

23
Q

What is Strong Sustainability

A

Limited substitues b/w natural and human made capital
Government intervention extensive

24
Q

What is Weak Sustainability

A

Natural and Human made capital can be substituted

25
Q

When is Government intervention needed in Weak Sustainability

A

-private owners fail to consider full ecological value of natural capital
-property rights of resources poorly defined
-private owners do not consider long term effects
-common property involved
-irreplaceable resources at issue

26
Q

What does a high discount rate mean

A

Greater incentive to exploit resources in the present

27
Q

Hotelling’s rule

A

Resource’s net price must rise at rate at least equal to interest rate before they will conserve that resource for the future

28
Q

For private owners to practice sustainability

A

Annual yield must be at least equal to market rate of interest

29
Q

Ecological Complexity

A

many elements in an ecosystem-human actions are unpredictable

30
Q

What is Irreversibility

A

Human Impacts that cannot be reversed

31
Q

Precautionary Principle

A

Minimum interference in natural systems as we cannot predict long term effects

32
Q

First Law of Thermodynamics

A

Matter & Energy cannot be created or destroyed

33
Q

Second Law of Thermodynamics

A

Energy degraded from available to unavailable

34
Q

What is Entropy

A

Measure of UNAVAILABLE energy in a system
Entropy increases as natural processes proceed
High Entropy means less available energy
Coal 1st has low entropy-once burned it has high entropy

35
Q

What is Embodied Energy

A

Total energy required to produce good or service

36
Q

Economic Processes of Energy

A

Low Entropy: Continual process of useable energy and resources
High Entropy: Continual stream of waste energy and products

37
Q

What governs mechanisms of production

A

Input & Output flows of resources and energy
Labour and Capital are main productive factors

38
Q

What is Solar Flux

A

Continual flow of solar energy to earth

39
Q

Entropy Laws

A

-limited stocks of low entropy resources
-limited capacity of soils/biosystems to capture solar energy for production
-limited capacity of ecosystem to absorb high entropy waste

40
Q

Entropy and Industry

A

Increasing amount of energy needed to achieve same output

41
Q

Different ways of payments for Ecosystem Services (PES)

A

-Monetary
-Free trees to convert land

42
Q

What is PES

A

Payments for Ecosystem Services: incentive for resource owners to maintain ecosystem services

43
Q

How can PES be successful

A

Conditionality: system must be verified
Additionality: benefits would NOT be obtained without payments
Leakage: beneficial actions not offset by other changes
Permanence: long term

44
Q

What are Ecological Economics MACRO-LEVEL changes

A

-Energy: renewable
-Agriculture: organic/regenerative
-Population
-Nonrenewables: conserve/reduce
-Renewables: conserve, prevent overuse

Enviro Economics (21 decks)

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