Chapter 1: Introduction 19
1.1 Meaning and Importance of Environment 19
1.2 Definition and Scope of Environmental Economics 20
1.3 Environmental Economics vs. Traditional Economics 22
1.4 The Rationale of Environmental Economics 25
1.5 The Evolution and Growth of Environmental Economics 26
1.6 Some Typical Environmental Problems 34
1.7 A Generic Approach to Solving Environmental Problems 37
1.8 Main Points 37
1.9 Discussion Questions 39
Chapter 2: Environment, Economy and 41
Development
2.1 Introduction 41
2.2 Environment and Economy 42
2.3 Tracing Environmental Inputs into the Economy 45
2.4 Environment and Economic Growth 48
2.5 Environment and Development 52
2.6 Main points 63
2.7 Discussion Questions
Chapter 3: Basic Concepts and Theories 67
Individual Choices
3.1 Introduction 67
3.2 Main Characteristics of Environmental Goods 68
3.3 Consumption and Demand 74
3.4 Production and Supply 78
3.5 Marginal Analysis 83
3.6 Markets and Market Failure 87
3.7 Government Intervention and Public Policy Failure 88
3.8 Main Points 89
3.9 Discussion Questions 91
Chapter 4: Basic Concepts and Theories: 93
Collective Choices
4.1 Introduction 93
4.2 Social Benefits, Costs and Welfare Function 93
4.3 Pareto Principle or Paretian Criterion 96
4.4 Compensation Principle or Criterion 97
4.5 Hardin’s Thesis of ‘The Tragedy of the Commons’ 98
4.6 Prisoners’ Dilemma (PD) Game 100
4.7 Olson’s Theory of Collective Action 103
4.8 Methods of Abatement of Externalities 106
4.9 Optimal Stationary Policies for Renewable Resources 111
4.10 Social Cost Benefit Analysis (SCBA) 114
4.11 Cost-Effectiveness Analysis (CEA) 121
4.12 Main Points 122
4.13 Discussion Questions 124
Chapter 5: Environmental Valuation 125
5.1 Introduction 125
5.2 Meaning and Types of Environmental Values 126
5.3 Measures of Economic Values 128
5.4 Valuation of Intangible Benefits of the Environment 141
5.5 Main Points 143
5.6 Discussion Questions 144
Chapter 6: Environmental Accounting 147
6.1 Introduction 147
6.2 Historical Development of National Accounts in India 148
6.3 Genesis of Environmental Accounting 149
6.4 Some Salient Features of SEEA 151
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