Course aim

It is increasingly recognised that human welfare depends on the sustainable management of natural resources and ecological systems. However, there is growing concern that current patterns of economic development are unsustainable. Stocks of natural resources, and the services that flow from these, are in decline. Such concerns are clearly evident in recent high profile studies including the Report by the Intergovernmental Panel on Climate Change, the Millennium Ecosystem Assessment and the UK Stern Review.

While many of the messages on environmental change appear threatening, there are considerable opportunities to improve human welfare, support new market development and economic growth, as well as significantly improving the state of the environment. It is now recognised that real progress will only be made when the economic dimensions of environmental change are explicitly built into the decisions of individuals, households, private organisations and governments. This has stimulated the growing demand for natural resource and environmental economists who can help achieve this.

In this context, the course critically analyses the two-way relationship between economic and environmental systems. On completion, participants will have an understanding of, and be able to apply, key concepts and techniques of natural resource and environmental economics, including for example: environmental valuation and pricing; the use of economic instruments for environmental policy; and decision support techniques such as cost benefit and multi criteria analyses.