Unit 2: Slideshow & Learning Objectives Flashcards
Are Natural Resources a form of Capital
Yes
What limits the scale of economic systems
Waste streams
Eco Footprint
Entropy
How can we sustain economic well being and ecosystem health in the long term
Using different welfare indicators
What does environmental economics not give consideration to
Solar energy in/ Waste energy out
What are 3 Threats to Sustainability
-Resource Depletion
-Waste impact and accumulation
-loss of ecosystem resilience
What is Ecological Footprint
Measure of environmental impact converted to land baseO
Optimal Macroeconomic Scale
Beyond further growth leads to less well being and degradation
What is Precautionary Principle
Risk averse: to avoid low probability but catastrophic consequences
What is Strong Sustainability
Natural and Human capital NOT substitutable
What is Weak Sustainability
Natural and Human capital can be substituted
What is Capital
Goods/ Assets used to produce goods and services
What is Human Capital
Labour to produce economic value
-knowledge
-habits
-social
-personal attributes
-creativity
-machinary
What is Natural Capital
Available endowment of land and resources
What are the problems with GDP
Does not account for:
-Resource Depletion
-Environmental Degradation
-Equity/ Distribution
-Social problems
-Non-market services
What is GDP
What economy produces in monetary terms
Private consumption + Gross Investment + Government spending + (exports-imports)
