This course explores how to apply economic tools to analyze the origins, consequences, and policy implications of environmental and natural resource problems. Students will learn why the free market often fails in the allocation of natural resources and in the provision of the optimal amount of environmental protection and amenities. Concepts such as efficiency, discounting, externalities, sustainability, and environmental valuation will be covered at length. We will then apply these concepts to a variety of natural resource and environmental problems with an emphasis on how incentive based policies can improve social welfare. Prerequisite: C or better in ECON 110 (Group I)