What are the nature and scopes of Environmental Economics?
Environmental Economics is a part of economics which deals with the relationship between the economy and environment. There are several examples in which the economy and environment connect and are interdependent. For instance, the agriculture and environment. Environmental economists consider environment as a form of natural capital (involves natural resources, ecological systems, land, biodiversity and other attributes) that executes life support, facility and various functions which can’t be supplied by artificial capital. The online assignment writing help experts have explained about the nature and scopes of Environmental Economics through this write-up. So without any delay, let’s get started!
Nature of Environmental Economics
A study of the environment is getting enormous attention not only in the area of pollution control, but also in preservation of the life and nature. It supports to know the nature of the environment and its factors, nature of disturbing elements and several methods to overcome disruptive components. These factors influence sustainability and natural living.
Positive and Normative Aspect
Environmental economics is derived from the scientific theories and welfare economics application. When it’s about the cause-effect relationship, it involves the positive aspect. However, when the problem is related to policy measures, it includes normative aspects. The human beings are the main reason for environmental degradation.
Micro and Macro Aspect
There are numerous examples of micro and macro aspects of environmental issues currently. If humans don’t get fresh air for breathing, then this concept lies in micro level planning. On the other hand, if the pollution is affecting the economy, then it comes under macro aspect.
Scopes of Environmental Economics
The scope of this field and its management has raised from manufacturing pollution control appliances, sewage and pollutant treatment plants to treating bio-medical waste and fly ash management.
The primary goal of environmental economics is to sustain stability between economic growth and environmental standards. In order to accomplish this, many economists have to examine socioeconomic possibilities to reduce the pollution level.
The scope of this subject is mainly related to the economic activities and its impact on the individual, organisation and the economy as a whole. Economists have designed numerous models to explain the concepts of different economic activities.
The environmental values are interrelated with economic values. It is essential for the society to conserve the limited resources which include water, forests, fossil fuels and fisheries in the interest of economic welfare and efficiency.
Environmental Economics has appeared as one of the major branches of economics that is evaluated essentially for sustainable development. You can pursue a career in Economics that focuses on environmental problems. Some public and private sector job opportunities in this field involve an environmental economist, a commodities broker, a policy analyst, etc. There are numerous options for students interested in helping the environment.
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