Economics Homework Help

Guidance: The article for this assignment (see link to the article below) traces the evolution of economic thinking about natural-resource scarcity, which includes the widening definition of natural capital. While the earlier phases of this evolution of thinking (“Resource Depletion” and “Environmental Public Goods” eras) provide important background and insight for your discussion, I want you to focus on the current phase and what the author calls the “Ecological Scarcity” era. In particular, I want you to focus on two questions. First, does the ecological scarcity era represent an “absolute” or “relative” scarcity view of the natural environment? Based on your first answer, the second question to address is: What general policy approach would you recommend to deal with this scarcity? In support of your answer to the first question, you should include a description of the economic characteristics of the types of natural capital associated with ecological scarcity (and providing examples is always helpful!). In supporting your answer to the second question, you should discuss the particular environmental and economic concerns and challenges associated with the ecological-scarcity view, as well as any factors that might lessen these concerns and challenges. NOTE: Table 1 in the article is a good reference to help organize your thoughts.

Assessment: Your grade will be based on the following four-part rubric: attached below

Article: attached below