James Cook University Subject Handbook - 2021

EC5218 - Economics and Sustainable Resource Management

Subject Description

Recognising that resources are of value for a wide variety of reasons (far beyond values expressed in the market place), this subject uses insights from the fields of ecological economics and natural resource economics to consider some of the problems associated with the management of a variety of different natural resources (including entire ecosystems and biodiversity, water, minerals, fisheries, forests and agriculture). The subject presents and discusses some common economic theories and analytical tools, but its focus is primarily on understanding the real world complications that arise when attempting to manage these resources in a complex socio-ecological system. As such, the subject is relevant to both students in economics and in environmental science, who wish to understand the economist's perspective on managing the environment.

Learning Outcomes

• explain at an advanced level the key characteristics of a variety of different natural resources and discuss how these characteristics affect their use
• critically analyse (using the economic models discussed in this subject) the economic mechanisms that lead or contribute to a selected environmental concern
• design a policy response to manage a selected environmental concern, and justify (showing advanced and integrated knowledge of the economic models discussed in this subject) the effectiveness of the policy response

Subject Assessment

• Written > Examination (centrally administered) - (40%) - Individual
• Written > Test/Quiz 1 - (20%) - Individual
• Written > Case study analysis - (40%) - Group

Note that minor variations might occur due to the continuous subject quality improvement process, and in case of minor variation(s) in assessment details, the Subject Outline represents the latest official information.

Assumed Knowledge:  Introductory subjects in Economics and Statistics

Inadmissible Subject Combinations:  BX2123

Availabilities