Check out this environmental economics definition and of its uses and importance to politics and the economy.
Environmental Economics Definition
Environmental economics involves the studying of the natural resources that are provided by the nature. These are allocated at margin and divided into different and increasingly smaller units. It is the sub field of economics that deals with the environmental issues. This involves undertaking theoretical as well as empirical studies of economics effects on the local or national policies. It is an application of different principles of economics for studying the development and management of environmental resources.
It also includes study of the resources that are provided by the nature that cannot be divided. The study depends on the natural resources as it serves as the inputs to this economic system. This system directly affect environmental resources as it helps in determining the empirical as well as theoretical effects on environment. Also it affects the environmental policies on the economy.
This branch of economics helps to determine the economic impact of the environmental policies on the economy. Hence it helps in analyzing the merits and effects of the proposed or existing policies along with helping in designing appropriate environmental policies. It also helps people to deal with the scare resources in order to deal with every kind of environmental problems efficiently. It therefore helps with economic growth and development.
With the use of economics, the benefits and costs of environmental measures can be determined as it also helps in finding out whether these factors are well balanced or not. It also helps in making the best environmental policy and goals with the use of market based instruments. This helps to reach economic and environmental objectives within a fixed time frame.
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