The course examines interrelationships of natural resource use and the environment; applied welfare and benefit-cost analysis and microeconomic tools for the analysis of environmental protection and externalities; valuation of the environment using market and non-market prices; productivity and earning changes, preventive expenditure and replacement costs approaches, contingent valuation, productivity of other activities, hedonic pricing, and travel cost model. Issues of property rights; legal and social constraints; policy approaches and sustainable development are covered.