What is Environmental Economics?
Environmental economics is a branch of economics that focuses on the relationship between the economy and the environment. It seeks to understand how economic activities impact the environment and how economic policies can be designed to address environmental problems efficiently. Environmental economics is about understanding the cost-effective application, design, and management of the world’s natural resources and living systems.
Geeky Takeaways:
- The economy of the environment puts more preservation and sustainable allocation of natural resources on the first line. It refers to the use of resources and attendance to people’s needs while minimizing the generation of waste and avoiding the destruction of the environment.
- The environmental economics discipline emphasizes the achievement of human wellbeing by addressing the need for goods and services ensuring their environmental sustainability.
- The economic perspective considers preservation of the nature and its prudent administration as a crucial part of the goal. It takes also a long-term look into the effects of resource use and aims to create such policies and practices that will help to realize the existence of them for future generations.
Table of Content
- Environmental Economics in India
- Scope of Environmental Economics
- Importance of Environmental Economics
- Environmental Policy
- Strategies in Environmental Economics
- Challenges of Environmental Economics
- Environmental Economics – FAQs