Course Information Undergraduate prospectus

The economy and the environment

Course summary

Course code: ECON1118
Level: 5
Credits: 15
School: Business Faculty
Department: International Bus and Economics
Course Coordinator(s): Yuliya Yurchenko


Pre and co requisites

Year 1 Macro / micro / Business Economics


To introduce students to approaches to economic analysis of the environment and to methods of evaluating the nature of externalities and putting a value on environmental resources such as biodiversity To equip students with knowledge of key tools open to governments to mitigate or limit damage to the environment caused by economic activity and to encourage activities which sustain the environment To investigate in-depth a specific example of the external costs of economic activities, eg agriculture, forestry and fishing, energy production, transport, water use.

Learning outcomes

On completing this course successfully you will be able to: Understand the key theoretical approaches to the economics of the environment, the main regulatory tools available to society, and the main methods used to evaluate the impact of economic activities on the environment. Explain and dissect controversies in environmental economics, eg Coase theorem, the `Tragedy of the Commons¿, the methodology of the Stern report, cap and trade regimes. Compare the effectiveness of regulatory regimes and select appropriate regulatory tools for specific environmental challenges. Read and understand academic articles on specific environmental challenges. Present findings and ideas to peers and engage in informed debate.

Indicative content

Economic theory of externalities and market failure. Methods of evaluating the nature of externalities and putting a value on environmental resource such as biodiversity. Benefits and risks of variety of regulatory tools. Key recent developments eg on climate change. Sustainable growth. Case studies: external costs of specific economic activities, and business and government responses: agriculture, forestry and fishing, energy production, transport, water use.

Teaching and learning activity

The course will comprise weekly one hour sessions spread over two semesters. There will a mixture of tutor-led and student-centred activities, including tutorial discussions, group work, presentations, and debates. Session outlines will be placed on Moodle. Semester 1 and part of semester 2 will comprise lectures and tutorials explaining the key economic concepts and regulatory tools. In the second part of semester 2 students will present a case study, each one based around an academic article and the student’s own research. Visits and outside speakers will also be arranged as appropriate. Learning Time (1 credit = 10 hours): Scheduled contact hours: Note: include in scheduled time: project supervision, demonstrations, practical classes and workshops, supervised time in studio or workshop, scheduled lab work , fieldwork, external visits, work-based learning where integrated into a structured academic programme: lectures 12; seminars 12; supervised practical sessions 6; tutorials; formative assessment ; other scheduled time; Guided independent study: Note: include in guided independent study preparation for scheduled sessions, follow up work, wider reading or practice, revision. Independent coursework 120; Independent laboratory work ; other non-scheduled time; Placements (including work placement and year abroad); Total hours (Should be equal to credit x 10) 150.


Portfolio - 100%
Pass mark - 40%
5,000 words
Outline details:
Module exercises (x3) (50%);
A case study (40%);
A presentation based on the case study (10%);
Total: 100%