What is Importance of Environmental Economics?

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    Answered by

    Akanksha Shinde | Contributor-Level 10

    a month ago

    Economics which is a subsystem of the ecosystem with its eyes on the preservation of the natural capital. The survey of German Economists showed that environmental economics and ecology are different schools of economics. Ecological economists emphasize strong sustainability and reject the proposition that physical capital can be a substitute for natural capital. Market failure One example of market failure is air pollution, as the factory is imposing an external cost on the community in a negative way. Market failure refers to the failure of markets to efficiently allocate resources. According to Hanley, Shogren, and White, a market f

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