Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

Environmental Economics - Essay Example

Comments (0) Cite this document
Name Tutor Course College Date Environmental Economics An environmental standard is a policy with guidelines that gives regulations on how human activities should affect the environment. These standards have a certain state e.g. one can say that the amount of water in a certain lake should not have a PH value of less than 8…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER92.8% of users find it useful
Environmental Economics
Read Text Preview

Extract of sample "Environmental Economics"

Download file to see previous pages The principle of efficiency states that it is almost impossible to make someone happy without causing another person to be unhappy. This means that it is hard to achieve a situation where there is no drilling and at the same time there is no effect on the economy of the country. If the drilling process is continued then pollution will increase a lot but at the same time there will be an improvement in the economy of the state. This means that a way should be sought so as to balance the benefits and the cost so that one side does not exceed the other. This is done by having the efficiency standards. The efficiency standards for the drilling process are that a certain amount of drilling should not be exceeded. This controls the way that the drilling companies drill and the extent at which they can go. The safety standards that are in place is that no one is expected to go into the drilling sites without proper clothing that prevent them from being hurt. The drilling companies are not allowed to dig past some depth, in order to avoid a situation where the walls of the drilling sites collapse and kill people. The number of people that work in the drilling site must also be known and they have to be checked every month for any abnormalities. Hospitals and doctors are also expected to be near this site so that incase there is any medical emergency one can be rushed to the hospital (Goodstein 54) Measuring the cost of environmental protection This is the measure of how costly it is to the government and all other stakeholders when the negative impact of drilling is seen. There are lots of negative effects that cost the government when it comes to hydrofracking. This includes the engineering costs as well as the cost such as treating the people who are affected negatively by the drilling process. The engineering cost are the total cost of coming up with the plant which include building and equipping the plant over a lifetime. This is the main cost of the drilling process as it entails a lot of equipment, a lot of skilled and unskilled labour so that the plant can run. These costs also include the pollution control costs; these are the costs that are to be met in order to prevent any pollution from occurring. The table below shows how the cost of engineering has been estimated since the 1990 to date and how it is related. Type of pollutant 1972 1980 1990 200 Air $12.9 $28.8 $45.1 $71.5 Water $15 $30 $55 $93 Land $10 $18 $43 $61 Chemicals $0.1 $1 $1.5 $2 other $1 $1 $1.7 $2.7 total $78 $150 $260 $360 According to this report the government spends a lot of cash in trying to avoid pollution that is caused by drilling than the amount that it gets from some of its investments. The negative effects that are associated with drilling include the costs of treating those that are affected by the radiations and other effects of the drilling process. The issues are cancer related, and also include diseases and those deaths that come as a result of drilling. It is estimated that the government spent a total of $467 B in the treatment of those that were affected by the drilling process. This means that it is costing the government a lot of money to treat and to try and cover for the effect that comes with the influence of the drilling process. Measuring benefits that come with the drilling process include the income that it brings to the government. The drilling proces ...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
(“Environmental Economics Essay Example | Topics and Well Written Essays - 1000 words”, n.d.)
Environmental Economics Essay Example | Topics and Well Written Essays - 1000 words. Retrieved from
(Environmental Economics Essay Example | Topics and Well Written Essays - 1000 Words)
Environmental Economics Essay Example | Topics and Well Written Essays - 1000 Words.
“Environmental Economics Essay Example | Topics and Well Written Essays - 1000 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Environmental Economics

International Business Economics

According to Adam Smith, the absolute advantage would be realised as long as the cost of production differed from between countries, one or both countries would gain by trading. An example to illustrate this is a situation where we have two countries A and B which produce two similar goods X and Y. The figures show labour cost in hours for producing one unit of a good

David Ricardo formulated the theory of comparative advantage and argued that even if one country is more productive in both lines of production it would be still profitable to trade. Country A is more productive in both lines of production but it will still be profitable to trade with country B, this is shown by first stating that country A is more advanta...
6 Pages (1500 words) Assignment

Business Economics: Small and Medium

The entry of small firms into the global markets has proven to be the main aspect of the creation of economies of scale. Markets are fast evolving to the needs of varied tastes and customer preferences, so necessary knowledge and technology asset has a major role to play for small firms to rise and to match up to the situation. However, small firms are characterized by “smallness of the market share (a large number of similar-sized firms) and hence lack of individual market power, corresponding to the theoretical concept of Pure Competition.” (Waite 1973. P. 154).

They need to overcome the handicap of smallness by strategic alliances and mergers with larger or technically more competent entities. Small firms...
10 Pages (2500 words) Assignment

Environmental Scanning as Information Seeking

No organization can exist in isolation. It is affected by all factors that exist in its macro-environment. Organizations scan the environment in order to understand the external forces of change so that they may develop effective responses, which secure or improve their position in the future (Choo, 2001). The emphasis on the future positioning of business based on results of environmental scanning is also laid by Aguilar (1967) quoted by Wilson and Correia (1997). “Environmental scanning refers to the exposure to, and acquisition of information about events and relationships in a company outside environment, the knowledge of which would assist top-management in its task of charting the company's future course of action." En...
8 Pages (2000 words) Assignment

Issues in Applied Economics

A major issue then, becomes the convincing obligation by the polity not to abuse its force. Because institutions are planned by people with different bargaining powers and not for sake of effectiveness, some models may be less competent than others and due to path dependency, may continue for a long time, resulting in sluggish economy. The shortage of realistic commitment by the state not to suitable property human rights accounts for the incompetent institutions that have developed in different countries. To humor, such situation provides disincentives to investment in socially profitable enterprises, and generates groups with vested interests in preserving the status quo constraints.

Institutions present the fundament...
6 Pages (1500 words) Term Paper

Economics or Ethics

Several CEOs in America have in coalition with top managers deviated from the norms of corporate governance and caused immeasurable woes to the stakeholders. Using their power and ego they chased the wealth for personal gains without any concern for the shareholders or other stakeholders of the company. Enron, the world’s largest energy trader at one time, had to file bankruptcy under Chapter 11 when about 5000 workers lost their job (Bhattacharya, 2004). Arthur Anderson, one of the big five auditing firms was charged to have colluded with the management to misappropriate funds and project a picture different from the reality. Income was inflated and then all concerned papers were destroyed. The leadership at Enron was conce...
6 Pages (1500 words) Assignment

Environmental Law: Environmental Pollution in the UK

In accordance with the above, the role of lobbyists and special interest groups for the development of legislation in the specific On the 29th of June, 2008, I chanced upon the newspaper Farmers Guardian article Water strategy targets farm pollution to secure water supply, in the February 15, 2008, issue at Pg. 4. It details the pollution caused to water in the UK due to agriculture and the measures taken by the government to contain it.

The next day, that is on the 30th of June, 2008, I scoured the UK Water Pollution and Trade webpage, whose URL is and found information regarding the enormous problems being faced by trade and the environment in the UK, due to water pollution.
14 Pages (3500 words) Research Paper

Environmental of Consequences of Offshore Drilling

The risks notwithstanding, it is seen that the world needs to reconcile itself to the fact that either new alternative energy sources need to be functionalized, or the demand-supply imbalances need to be redressed through fresh sources. It is common knowledge that most developed countries, including the USA, UK, have supply deficits that seriously endanger their own economies, and through the price mechanism, cause an escalation in oil prices in the international markets. But what solutions need to be developed to contain this problem on a long term basis is a matter of political sagacity and foresight, and a judicious blend of use and conservation based on the principle that oil is not going to last forever.
Oil drilling cou...
6 Pages (1500 words) Assignment

Managerial Economics and Business Environment

Once the above said subject matter is clearly sorted out, the next emphasis would be on the concepts like the opportunity costing, incremental principle, marginal principle, discounting principle, the principle of time perspective, and calculation of economic profit as the guidelines to the scope of managerial economics. (Surender. V, 2008).
To start with, we consider a firm for which different processes have to be carried to achieve its objectives of profit maximization (assuming that all the organizations work with the view to maximize profits). If firms from different sectors are identified simultaneously, then the working of the economy as a whole could also be analyzed which in turn is useful in the decision-making proce...
15 Pages (3750 words) Assignment

Internal and External Environmental Analysis for the Bakery Business

Liberalization of foreign investment and technology policy of the government is supportive of establishing industrial units in the country.

Threat: The UK food regulatory authority is planning to enforce the EC Regulations relating to food labeling. The labeling requirements under the new regulations will affect the food industry as the suppliers will be legally obliged to disclose the GM content of foods to the caterers. Thus business firms in the bakery industry also will be effected through the exclusion of flexible manner of labeling arrangements in the case of flour confectionery involving GM Soya or maize. (Genetically modified and novel foods (labeling) (England) regulations, 2000).

Trend: The new subs...
6 Pages (1500 words) Case Study

U.S. Environmental Protection

Recycling is one of the proposed methods to counteract pollution and danger being posted by the accumulation of wastes in the environment. Although this is the case, there are benefits and drawbacks in the said process. Included in the benefits are reduction of different types of wastes gas emissions (e.g. green gases) and water wastes; reduction of the discarded materials due to the manufacture of new materials; and the production of materials from used products. As a result, jobs are also created thus contributing to the economy (“Benefits and Drawbacks of Recycling” Think Quest).

In terms of the drawbacks, one of the main issues is the needed resources and expenses which continuously increase due to the i...
6 Pages (1500 words) Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Environmental Economics for FREE!

Contact Us