Seoul, South Korea
Area of Study
Agriculture and Natural Resource Economics, Economics, Environmental Science
Taught In English
Course Level Recommendations
ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.
Host University Units3
Recommended U.S. Semester Credits3
Recommended U.S. Quarter Units4
Hours & Credits
This course is a study of the economic analysis of natural resource exploitation and conservation. It will cover both renewable resources, such as water, forests, and fisheries, and non-renewable resources, such as oil, coal, and other mineral deposits. The course will emphasize the use of microeconomic analysis as a foundation for private decision-making and public policy formulation (particularly relevant to South Korea).
A central goal of this course is to familiarize students with the theoretical concepts and analytical tools that support the economic and bio-economic analyses of a range of natural resource issues. At the conclusion of this course, students should have gained insight into how and why humans manage natural resources in the way they do and also developed an understanding of the:
- economically efficient allocation of scarce natural resources over time and among competing uses;
- tendency of competitive market processes toward economically efficient allocations;
- effect of various market failures on these tendencies;
- theoretical and empirical modeling of ecosystem services that internalize positive externalities into private decision making, focusing on uncertainty analysis in ecosystem service modeling;
- array of policy instruments utilized to ameliorate or correct these failures in South Korea;
- tools used by economists to design and evaluate the worth of these policies in South Korea.
Books and Materials
The required text for this course is The Economics of Natural Resource Use, 2nd Edition, by J.M. Hartwick and N.D. Olewiler. Additional readings and materials will be made available on the course website located at Korea University on-line blackboard system.
Intermediate undergraduate microeconomics and calculus.
Courses and course hours of instruction are subject to change.
Eligibility for courses may be subject to a placement exam and/or pre-requisites.
Credits earned vary according to the policies of the students' home institutions. According to ISA policy and possible visa requirements, students must maintain full-time enrollment status, as determined by their home institutions, for the duration of the program.
Please reference fall and spring course lists as not all courses are taught during both semesters.
Availability of courses is based on enrollment numbers. All students should seek pre-approval for alternate courses in the event of last minute class cancellations