Chapter 23: Economics, Environment, and Sustainability

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Perverse subsidies

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20 Terms

1

Perverse subsidies

Lead to environmental damage and should be phased out.

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2

Economic succession

New and more innovative businesses.

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3

Economic growth

Increased capacity to supply goods and services, requires increased production and consumption, requires more consumers.

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4

Natural capital

Includes resources and services produced by the earth's natural processes, which support all economies and all life

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5

Human capital, human resources

Includes people's physical and mental talents that provide labor, organizational and management skills, and innovation

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6

Manufactured capital, manufactured resources

Includes people's physical and mental talents that provide labor, organizational and management skills, and innovation

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7

Economic growth

Increased capacity to supply goods and services, requires increased production and consumption, requires more consumers

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8

Economic development

Improvement of living standards

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9

Neoclassical economists

View the earths natural capital as part of a human economic system

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10

Ecological economists

View human economic systems as subsystems of the biosphere, and believe that conventional economic growth will become unsustainable

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11

Market price

Does not include indirect, external, or hidden costs

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12

Full-cost pricing

Includes estimated costs of harmful environmental and health effects of production

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13

Perverse subsidies

Lead to environmental damage and should be phased out

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14

Greenwashing

Deceptive practice and spin of environmentally harmful products as green

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15

Environmental regulation

Control pollution and reduce environmental degradation

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16

Developed countries

spend 0.7% of the national budget toward these goals

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17

Economic succession

New and more innovative businesses

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18

Centrally Planned Economy

the government determines production and distribution

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19

Free Market Economy

private individuals and companies determine production and distribution

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20

Neoclassical Economists

view the earth's natural capital as a subset of a human economic system

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