Quote:
traditional economics has never put a monetary value on “natural capital”
in part, this happened because there was a perception of limitless resources
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This is from my environmental science and policy class. He is actually teaching this to second quarter students. That is a very untrue statement. Economics is about allocating scarce resources. Unlimited wants with limited means... It very much includes natural capital or "resources we use, both products and services, renewable and non-renewable." A prime example of a professor running his mouth. The name of my major is "Agriculture Resource Economics." I'm in the college of Agricultural and Environmental Sciences... It's the third largest major at the school (5%). He should know this.
Sorry to vent, the political science students do this too. Some of them tried to blame Wal-Mart for the current condition of Africa during a discussion... the TA agreed. Yeah, right.