What is Environmental Economics ?
“Our nation is confronted by two major energy challenges –our dependence on foreign oil and global climate change – both of which stem from our current dependence on fossil fuels for energy”. Barack Obama and Joe Biden believe they have a moral, environmental, economic, and security imperative to address dependence on foreign oil and tackle climate change in a serious, sustainable manner. Their environment policies include Investing in a clean energy economy, converting manufacturing centers into clean technology leaders, increasing fuel economy standards and a commitment to efficiency to reduce energy use and lower costs.
Environmental Economics is a relatively new field of Economics that looks at environmental issues in relation to economic development and sustainability. Environmental Economics looks a lot at environmental policies in countries, and how they impact the local and global economies, either positively or negatively. It is generally viewed as a form of progressive Economics, trying to account for various forms of market failures to better model markets in the future and lead to more widespread gains among people.