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NEW Chapter Two of Fundamentals of Environmental Economics READ HERE

This blog post sketches the contents of Chapter Two of my new book; Fundamentals of Environmental Economics.  This $2 e-book can be read as a "popular book" about free market environmentalism or as a textbook.  At the end of 2013, I will be posting power point notes, exams and homeworks based on this book.  I will be using this book as my main textbook at UCLA in my Fall 2013 undergraduate class.

Chapter Two introduces the classic local pollution externality as a profit maximizing steel factory unintentionally causes local pollution.   In gruesome detail, the chapter covers;

• What private costs the firm incurs in producing steel.
• Why it produces pollution as it produces steel and under what circumstances would this "technique effect" (i.e pollution per unit of output) be low. 
• property rights --- who owns the air the firm is polluting and thus we introduce the tragedy of the commons
• how does pollution exposure affect the health of the population who lives near the factory?
• How can data be used to quantified the causal impact of pollution on health --- and what experiments and natural experiments can researchers run versus what experiments we can't run (such as randomly blasting people with pollution to see how their health is impacted) because of ethical concerns
• The chapter has a long section on "health production functions" and the role that pollution plays as an input in causing sickness.
• how much are people willing to pay to not be sick?
• how many "victims" were exposed to the pollution?
• All of these ingredients are combined into an externality equation to quantify the social cost of steel production
• A Green Accounting introduction is then provided to teach the reader about how to deduct pollution damage from the steel factory's profit to calculate its true "value added" to society
• A benevolent planner's problem is set up to show how a benevolent planner would recognize the benefits and costs of steel production and the chapter ends by solving for the socially efficient (i.e pareto optimal) amount of steel production

This Chapter Two allows me to introduce Government in chapter 3 and we will investigate the tools that government has to tackle the externality presented in Chapter Two. As I will discuss tomorrow, Chapter Three isn't naive about government instead it takes a realistic look at the political economy of government stepping in and regulating this economic activity.

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