TABLE OF CONTENTS · This guide is also aimed at encouraging an alternative perspective to teaching economics and promotes the changes recommended by Rethinking Economics. 4 EAUC-Scotland:

CURRICULUM GUIDE

ECONOMICS ANDSUSTAINABILITY

Integrating sustainability concepts into theeconomics curriculum

ECONOMICSANDSUSTAINABILITY:CURRICULUMGUIDE 1

TABLE OF CONTENTS

INTRODUCTION ......................................................................................................... 2

LEARNING OUTCOMES ........................................................................................... 3

WHAT IS SUSTAINABILITY? ................................................................................ 4

Sustainability in Economics ................................................................................................................. 4

TRAGEDY OF THE COMMONS ............................................................................. 5

CARBON EMISSIONS AND ECONOMICS ......................................................... 8

Carbon Pricing ............................................................................................................................................... 8

Carbon Tax ....................................................................................................................................................... 8

Cap-and-Trade Schemes ..................................................................................................................... 9

Carbon Offsets ............................................................................................................................................ 10

CIRCULAR ECONOMY ............................................................................................ 12

Design of the Circular Economy .................................................................................................... 12

Benefits of the Circular Economy ................................................................................................ 14

Criticisms of the Circular Economy ............................................................................................. 16

ECOSYSTEM SERVICES ......................................................................................... 18

More than Human Consideration .................................................................................................. 18

Millennium Ecosystem Assessment .......................................................................................... 18

Pricing for these services .................................................................................................................... 19

Challenges with Ecosystem Valuation .................................................................................... 20

REFERENCES ............................................................................................................. 22

2 EAUC-Scotland:TheAllianceforSustainabilityLeadershipinEducation

INTRODUCTION

Theglobal financial crisisof2008-2009,wherehundredsof thousandsof jobswerebeinglost everymonth, caused shockwaveswithin the economic system and the predominant,neoliberalwayofthinking(Fischeretal.,2017).Whilethissystemhaslargelygonebacktoa‘business as usual’ approach, the impeding ecological and environmental crisis caused byclimate change is predicted to again create economic catastrophe unless such systemschange(Stern,2006).Theinternational‘RethinkingEconomics’groupmadeupofstudents,academicsandprofessionalsarguethateconomicsteachingmustbecomemorereal-worldapplicable and start incorporating ideas from fields suchas ecology tobetter explain anddesignanewformofeconomicsthatwilloperateforthefuturethatstudentswillenduplivingandworkingin(RethinkingEconomics,2019).

Incorporating these ideas will likely be very worthwhile as the recent study by Bradley(2019)intheUKshows.Bradleyfoundthateconomicsstudentsare:

• Firstly,dissatisfiedthattheircoursesdonotcontainenoughreal-worldcontent,and• Secondly,highlyinterestedinlearningaboutideasrelatingeconomicstosustainable

development.

Studentsarelikelytobeenthusiasticandengagedbylearninghowsustainabilityrelatestotheirdisciplineasitisaverycontemporaryandrelevanttopic.Additionally,byincorporatingsustainability, the economics degree will better meet certain graduate attributes, asemployers are increasingly looking for students to be ethically and socially aware (Cade,2008). Integrating sustainability into the curriculumwill provide the skills for students tobecome both active thinkers and future global citizens.Moreover,many universities andcollegesintheUKhavemadeitpartoftheircommitmentstoeducateforsustainabilityaspart of their mission to meet the UN’s Sustainable Development Goals (Tilbury andWortman,2004).

However,embeddingsustainability intothecurriculummaybechallengingtodo,which iswhytheEAUCScotlandofficeareprovidingthisresourcetohelpaidteachingprofessionalswithintegratingsustainabilityconceptsintotheeconomicscurriculum.

Thisguideisintendedtobeafirststeptohelpgenerateideasofhowsustainabilityrelatestoeconomics.Theseideasmaybeslottedintoexistinglecturesorcouldbeusedfortutorialor seminar topics,whichwould allow students todiscuss these ideas further andanalysehow practically applying these ideas would alter the economic system as well as impactsocietyandtheenvironmentitself.


LEARNING OUTCOMES

Theconceptsandcurriculum ideas in thisguidearealignedwithandsupport theaimsofeconomicdegreeprogrammesasdeterminedbytheQAASubjectBenchmarkStatementforEconomics,particularlyfocusingon:

Aims

• Fosteringanunderstandingofalternativeapproachestotheanalysisofeconomicphenomenasuchascirculareconomymodels,assessingcarboncreditsandvaluationofecosystemservices

• Equippingstudentswithtoolsofanalysistotackleissuesandproblemsofeconomicpolicyincludingcriticalanalysisofcarbontaxandoffsetting

• Generatinginstudentsanappreciationofeconomicandwelfaredimensionsofwidersocial,politicalandenvironmentalissuesusingcaseexamplesfromasustainabilitycontext

Skills Enhanced

• Analysisandabstractionofeconomicmodels,theoryandideas• Gatherevidencewiththeabilitytoenablemanipulation,treatmentand

interpretationoftherelevantquantitativeandqualitativedata• Communicate,debateandpresenteconomicarguments• Criticalthinkingandassessmentofeconomicconceptsandpoliciesinareal-world

context

Attributes Fostered

• Increasedawarenessandappreciationofsocialandenvironmentalimplicationsassociatedwitheconomicpolicyanddecision-makingincludingethicalandpoliticalcontexts

• Confidencetoaddressandengagewithrealworldeconomicproblemsparticularlyaroundclimatechange,povertyandinequality

• Criticalandindependentthinkingtakingintoaccountalternativeeconomicperspectives

ThisguideisalsoaimedatencouraginganalternativeperspectivetoteachingeconomicsandpromotesthechangesrecommendedbyRethinkingEconomics.


WHAT IS SUSTAINABILITY?

At its most basic essence, sustainability means that something can last. This somethingcould be anything ranging from a natural resource, to a business, to a society, to anecosystem.However,merely lastingmay not be enough, as society’swishesmay changeandthatthingmayneedtobeimprovingtomeetnewstandards(MearmanandPlumridge,2012). To balance this, one aspect of sustainability is often traded for another, such aseconomic sustainability being designated as being more important than environmentalsustainability.

Themostcommondefinitionofsustainabilityexistsfromthe1987Bruntlandreport:

‘Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs’ (1987, p.54).

This definition is important as it emphasises the need to take into account futuregenerationsandtheirrightsandneeds,aswellasmakingitclearthatsustainabilityisaboutmore than just the environment. Sustainabilitymust coexist within other realms such aspoliticsandsocietytoensurethattheneedsofthepeopleofthefuturecanbemet.

Sustainability in Economics

Sustainability is an important topic to introduce to economics students in particular aseconomists’decisionscentrearoundhowresourcesare tobeshared,allocated,producedandconsumed(Bradley,2019).Thesedecisionsfundamentallyimpactbothsocietyandtheenvironmentataglobalscale.AsSpashandAsara(2017)contend, forsustainabilitytobelooked at within economics requires acknowledgement that economics is just one man-madesystemthatisbothinherentlyembeddedandreliantonotherecologicalsystemssuchasthegeographicalspreadofnaturalresources.

Views on sustainability within economics can vary from positions that look to promoteeconomicsustainabilityitself(suchasthesustainingofeconomicgrowthwithoutnegativelyharming other aspects of the planet, often relying on and requiring technological-advancement inordertomaintain‘businessasusual’)toamoreradicalpositionthatcallsfor economic growth to become disentwined with increasing consumption (such as aneconomicsystemthatfocusesonmaximisingecologicalandhumanwellbeing).

This guide will give some examples of key concepts that integrate sustainability intoeconomicsthatcanbeusedforteachingpurposes.


TRAGEDY OF THE COMMONS

Thetragedyofthecommonsrepresentsaneconomicproblemthatoccurswhenindividualsactaccordingtotheirownself-interestandexploitoroveruseasharedresource,whichthendepletesitforeveryoneelse.Thislackofconsiderationofwidersocial-harm,andelevatingindividualisticversuscollectivethinking,makesitaprimaryexampleforembeddingnotionsofsustainabilityintoeconomics.

The original examplewaswritten by theBritish economistWilliam Forster Lloyd in 1833,and posited the issue of multiple cattle owners grazing their herd on ‘common’ land,individually causingminor landdegradation, but collectively depleting the vegetation andquality of the commons for everyone and each other (Franks, Hanscomb and Johnston,2017). At least initially in economics, conservative economists used the ‘tragedy of thecommons’ problem as an example to argue for the privatisation of common goods tomanagetheresourceinquestion(Hardin,1968).Inamoremoderncontext,thecommonsoftenrepresentsharedand(atleastsomewhat)self-renewingresourcessuchasfishstocks,airqualityortheoceans.

CASE EXAMPLE: OVERFISHING

Take fish stocks for example: While individuals may wish to try to catch everincreasingamountsof fishtomakemoremoney,thecollectiveoverfishingbeforebreeding season can cause fish numbers to deplete, leaving less fish for thenextseasonwhichputsmorepressureonascarceresource.Somekindsofoverfishing,includingtheoverfishingofsharks,haveledtoanimbalanceofsomeentiremarineecosystems(Baumetal.,2003).Thesefishstocksneedtobemanagedcarefullyasdramaticchangescanresultinanecosystemshiftwhereanentirepopulationmayhavedifficultyinre-establishingitselfasithasbeentakenoverbyanotherpredator.ThisisaveryrealandpressingissueandtheUnitedNation’sFoodandAgricultureOrganisation estimates that around a third of the worlds fish stocks have beensubjected to overfishing (FAO, 2018). This tragedy of the commons problem notonlyharmsthefishandmarineecosystems,butalsoharmstheworkersandtheircommunitiesthatrelyonthefishingfortheirlivelihoodsandculture.

One solution tomanage the largest communal resources is to have governments imposeregulations (such as through issuing fishing permits and quotas) or multi-nationalorganisations like theUNcreating treaties toensure thata common resourceandarea isusedfairlyandequally.However,theoceans,liketheatmosphere,areparticularlydifficulttomanageastheyexistoutsideofindividualcountries’economiczonesthusthegainsfromconservationeffortsofoneregioncanbeexploitedbyanother.


CASE EXAMPLE: SCALLOP WARS

The 2018 ‘Scallop Wars’ between France and the UK exemplify the difficulty ininternational conservation and economic exploits. While France has legislatedagainst fishing for scallops during their breeding season, the UK has no suchlegislation permitting British ships to continue to harvest scallops in the EnglishChannel during breeding season. This created a huge amount of tension andresultedinsomeFrenchboatsthrowingrocksandsmokebombsatBritishboatsintheregion.

Alternatively, the Nobel Prize winning economist, Elinor Ostrom, argued that thecommunities themselves affected by a tragedy of the commons issue are often better atsolvingtheseproblemsontheirown,astheyhavethemostlocalknowledgeoftheextentoftheproblemandhavethestrongestincentivetogetthesolutionright.ForOstrom,therealtragedy of the commons occurs when outside groups exert their power and use the‘managing’ of the commons to gain some advantage (CGIAR, n.d.). Ostrom found thatgenerally a ‘bottom-up’ approach to commons issues worked best as it couldmost fullyinvolvethecommunity,whileagovernmental(oraprivate-sector)interventionusuallydoesnot adequately involve the affected individuals in the decision making, often leavingcommunitymembersfeelingunsatisfiedthatthesolutionisfair.

CASE EXAMPLE: THE BEDOUIN

Anexampleof transboundary, people-led commonsuse canbe seen through theway the nomadic Bedouin people use common land for grazing, managing itsresourcesandconservationindependentlyforhundredsofyears(Lamb,1981).

FURTHER READING

ReadmoreaboutElinorOstrom:

• Meinzen-Dick,R.(2012).ElinorOstrom'strailblazingcommonsresearchcaninspireRio+20.TheGuardian.[online]Availableat:https://www.theguardian.com/global-development/poverty-matters/2012/jun/14/elinor-ostrom-commons-rio20[Accessed13Jan.2019].

ReadmoreabouttheBedouin:

• Pearce,F.(2012).WhatTragedy?WhoseCommons?-Conservation.[online]Conservation.Availableat:https://www.conservationmagazine.org/2012/09/what-tragedy-whose-commons/[Accessed15Jan.2019].


EMBEDTHISCONCEPTINTOTEACHING

• Thissectioncouldbeslottedintoalecture(oronitsown)abouthownaturalresourcesareused,sharedanddistributed

• The‘ScallopWars’inparticularmakeaniceexampletousebecausethereisalotofevidenceforstudentstoreview,includingsomeincrediblevideosshowingtheextentoftheviolenceusedtodefendthescallops,emphasisinghowimportantthiscommonsissueistothoseaffectedbyit,andtheimpactonfinancialandculturallivelihoodsasfisherpeople

• Foratutorialorseminar,studentscouldbeaskedtobringintheirownexampleofacommonsdispute,itsrelatedeconomicconcernsandhowitis/wasmanaged


CARBON EMISSIONS AND ECONOMICS

Carbon Pricing

Adequate pricing for carbon has been a key demand for climate activists for severaldecades.Thisisbecausefossilfuelsarecheap.

• ItisoftencheapertoflyordrivefromEdinburghtoLondonthantakethetrain• Itischeapertoliveoutsideofacityanddriveintoworkthanliveinthecentre

wherewalkingorcyclingcanbeanoption• Itisalsooftencheapertobuygoodsfromabroadandhavethemtransportedthan

buyingsomethinglocallymade/sourced

Allofthesedecisions.requiretheburningofcarbonsoeconomic incentivesneedtobe inplacetoencouragepeople,aswellascorporations,tochangetheirhabits.

Carbon pricing is a widely utilised economic response to the fact that greenhouse gasemissionsareanegativeexternalitythatisnotpricedforbythemarket.Othergreenhousegasemissionsarealsosimilarlypricedin‘multiplesofcarbondioxide’withrespecttotheirglobalwarmingpotential.Theaimistochargeapriceequaltothevalueofdamagecausedbythecarbonemissions.Carbonpricingmeasurescaneithertaketheformofacarbontaxor in the form of buying and selling carbon permits,which can also includemeasures asoffsetting. Carbon offsetting is compensating for one’s carbon or other greenhouse gasemissionsbyfundinganequivalentcarbonsavingelsewhere,suchastreeplantingorcleanenergyprojects.

Bypricingcarbon,itisalsoexpectedthatrenewableenergysourcesmaybeputonamorecompetitivefootingpotentiallystimulatingtherenewableenergysector’sgrowth.However,there is also the possibility that as carbon pricing is not applied universally, carbon-producingactivitiesmayshifttoanotherpartoftheworld.

Carbon Tax

Acarbontaxisprice-basedastheregulator(suchasthegovernment)setsthepricedirectlyandcantaxdifferentfuelsatdifferentratesaccordingtohowmuchcarbontheyproduce.This system is advantageous in that it is simple to put into practice, but itmay result in‘leakage’.Carbonleakageiswhencarbonemissionsincreaseinonecountryasaresultofastrictercarbonpolicyinanotherasproductionisoutsourcedtowhereitischeapest.

Acarbontaxmaybeappliedtoeitherbusinesses,suchasNorwaytaxingboththeoilandgasindustriesthemselves,orbeappliedatthepointofsale,suchasintheFuelTaxintheUK which charges 20% for fuels used by vehicles. However, carbon taxes tend to bepolitically unpopular (Jenkins, 2014) as the costs tend to disproportionally affect the


poorest.A20%taxrateonpetrolhasagreaternegativeimpactonalow-incomefamilythanahigh-incomefamily,whilealsotendingtopenalisethosewholiveinruralareaswhorelyontheirvehiclesmorefrequently,oftenbecauseofalackofgoodpublictransportoptions(GraingerandKolstad,2010).

CASE EXAMPLE: THE GILET JAUNES PROTESTS

TheFrenchPresident,EmmanuelMacron,withdrewhisproposedfueltaxriseduetohugepublic protests (theGilet Jaunes protests in 2018), as peoplewere angrythatthetaxwoulddisproportionatelyaffectworking-classpeople1.

Nevertheless,asGoulder(1998)pointsout,therevenuefromacarbontaxcouldbespentinawaythatmaximisesoverallsocialwelfareorgivesbacktotheconsumerforcuttingtheiremissions. Thismayhelp tobalanceout the fact that the climate-changemitigation costsarefeltmoststronglyintheshort-term,whilethebenefitsaremostlyfeltinthelong-term,byfuturegenerations.

Cap-and-Trade Schemes

Cap-and-TradeSchemes areaquantity-basedcarbonpricingmeasurewhereagoverning-bodydecideshowmuchcarboncanbeemittedeachyearandthenprovidespermits thatallowcompaniestoemitthismuchcarbon.Thesepermitscanbeprivatelysoldandtradedsothatcompanieswhoemit lessareabletoselloff theirexcesspermitsatahigherpricewhichmore accurately reflects the cost of carbon. Industries and businesses that exceedtheirpermittedcarbonarefined.

Cap-and-trade schemes began after the 1997 Kyoto Protocol which set legally bindingtargetsforthewealthiestcountriestoreducetheiremissionsofsixmajorgreenhousegases,firmlyacknowledgingthatit isthewealthiestcountriesthathistoricallyhaveproducedthemost carbon emissions and thus primary responsibility for reductions falls on theirshoulders2. Notably, the USwas the only Annex I (most developed) country not to have

1NotethatMacronpreviouslyremoveda‘solidarity’taxthattaxedthosewhoseworthwasover£1.2million,leadingtohisnicknameas‘Presidentoftherich’whichfuelledmuchoftheGiletJaunesresentment,alongwithausteritycutstopublicservices(Willsher,2018).

2ItisfrequentlyarguedthatthepoorercountriesintheGlobalSouthshouldnotbepenalisedforgoingthroughthecarbon-intensiveprocessofindustrialisationandinessence‘catchingup’withthewealthierGlobalNorthcountriesthathavealreadyreapedtheeconomicbenefitsfromindustrialising.Ifpoorer


signed,leaving37countriesinthisinitialagreement.ThisinternationaltreatyresultedintheEuropeanUnion’sEmissionTradingScheme,which is the largestcap-and-tradesystemforpricingcarbonemissions.Thissystemhasthemechanismtoslowlydecreasetheamountofcarbon permits given out to meet the targets set in the Kyoto Protocol. However, littletradingofpermitshasactuallyoccurred,astheEUhastendedtooverestimatethenumberof permits needed. This overestimation is partly due to difficulty in measuring previousemissionsdataandpartlyduetopoliticalpressurefrominterestgroupswholobbyformorepermits(Borghesi,2011).

These pricing measures can also be implemented alongside non-price policies such asrenewableenergysubsidies.However,underacap-and-tradescheme,havingsubsidies toencourage a switch to renewable energy may give other polluting businesses moreallowances toemit carbonas they thenareable topurchaseextrapermits thathavenotbeenused,givingbusinessesa‘freepass’toactuallypollutemoreastheoverallcarbonlimithasnotbeenreached.

CASE EXAMPLE: ENVIRONMENTAL JUSTICE

Environmental justicegroups inAmericaargue thatcap-and-tradeschemesaren’teffective and contend that these free market environmental policies allowindustriestopayfortherighttodumppollutionandcontaminants intothewaterandair,onceagaindirectlyharmingthehealthofalreadydisadvantagedgroupsasthese dirty industries are more likely to be located near low-incomeneighbourhoodsandcommunitiesofcolour(Greenaction,2017)3.

Carbon Offsets

Countriesor individualsarealsoabletosponsorcarbonreductionprojects intheirownorother countries and use greenhouse gas removals from these projects, such asreforestation,tomeettheirKyotoProtocolcommitments,inaprocessthatiscalledcarbonoffsetting.

countrieshadtocuttheiremissionsatthesamerateaswealthiercountries,thenthatwouldhindertheirdevelopmentalprogressandharmtheirchancesatimprovingcitizens’standardsofliving(Baer,2000).

3Itisimportanttonotethatthedirecteffectsfrompollution,suchaswatercontaminationorlocalisedairpollution,tendstoaffectthelowestincomecommunitiesnomatterthecountryintheworld.Thisisduetofactorssuchaspropertypricesbeinglowernearheavyindustries,NIMBYism(‘NotinMyBackYard’stylecampaigning),andlow-incomecommunitieshavinglesspoliticalpowerthanwealthierconstituents.

ECONOMICSANDSUSTAINABILITY:CURRICULUMGUIDE11

Carbonoffsettingmeasuresarecontroversialastheyareoftenunreliablymeasured(asitisdifficulttoquantifytheemissionsthataresavedfromindividualprojects,andforsomewhooffer offsets there is an incentive in selling the same reductions to multiple people ororganisations),andastudyproducedbytheCarbonRetirementProjecthasfoundthatlessthan30pence ineverypoundspentoncarbonoffsetsgoesdirectly to theproject that isdesignedtoreducetheemissions(Kahya,2009).Ithasalsobeenarguedthatcarbonoffsetsare anexcuse for a ‘business-as-usual’ approachwith regards topollution as theydonotactually encourage the most damaging industries to reduce their carbon emissions(Monbiot, 2006). Lastly, tree-planting offsets have been frequently called out for causingconflictwith indigenous land rights by evicting thousandsof villagers from their land andhave even been accused of being complicit in ‘genocidal land grabs’ (No REDD in Africa,2014).

FURTHER READING

Readmoreabout the conflictbetween indigenous land rights and tree-plantingoffsettingprojects:

• Redd-monitor.org.(2011).REDD:AnIntroduction|REDD-Monitor.[online]Availableat:https://redd-monitor.org/redd-an-introduction/[Accessed27Jan.2019].


• CarbonPricingcouldbeusedasexampleforhowmarketsandgovernmentalregulationsdealwithnegativeexternalities

• Economiccarbon-reductionmeasuresaregoodexamplesofanalysingtheeffectsandcomplicationsofimplementingatheoreticallysimpleeconomicpolicy

• Splitstudentsintotwogroupstodiscussthemeritsofimplementingacarbontaxversusacap-and-tradesystem—thiswouldmakeforaninterestingtutorialtopic

• MearmanandPlumridge(2012)suggestthattheSternReview,whichlooksatthecostsofnotmitigatingagainstclimatechange,wouldbeanexcellentexampleforeconomicsstudentstoresearch.TheReviewadvocatesforsettingcarbonpricingmeasuresgloballyasitconcludesthatthecostsfornotactingagainstclimatechangewouldbefargreaterthanthecostsfortakingearlyaction(usingcarbonpricingasanexample).ThetutorialcoulddiscussthemethodologyusedbytheSternReview(essentiallyacost-benefitanalysis),andwhetheritcouldbeconsideredappropriatetobeusedforastudyonglobalclimatechange,whichinherentlyhasproblemssuchasintergenerationalequity,globalpoverty,hugeuncertaintyandrisk.Thestudentswouldalsolearnaboutsomeoftheeffectsofclimatechangeanditsglobalimpactswhilealsoconsideringthemeritsofusingatraditionalmethodtocalculatethecostcausedbyinaction.Studentswouldhavetheopportunitytogatherevidence,assessanddraweconomicpolicyinferencesregardingtowhatextentcarbonpricingmeasuresarerequired,andwhether,atthecurrentlevel,theyareenough.


CIRCULAR ECONOMY

The current, linear, economy relies upon a ‘take, make, dispose’ model, requiring largequantities of cheap materials and energy to maintain (Ness, 2008). A circular economyinstead aims to keep these materials at their highest utility and value at all times, andultimately aims to decouple economic growth from the consumption of finite materials(Ghisellini,CialaniandUlgiati,2016).Thismakesita‘cradletocradle’economy,ratherthana‘cradletograve’one.

Proponentsofacirculareconomyapproachbelievethatwewouldbeabletocontinuewithourcurrentqualityoflifewhilestillenjoyingsimilarproductsandservicesthatwedonow,and with similar (or even increased) revenues formanufacturers, but by using far fewernaturalresources(Stahel,2016).Thismodelhasvalueaspartoftheresponsetotheendofcheapoilandmaterialsaswellascontributingtothetransitiontoa low-carboneconomy.Interestintheideahasbeenpeakedbythe‘BluePlanet’effectwherebythepublicismuchmoreawareofandinterestedinhowmaterialsareusedanddisposedof,particularlytakingactionagainstsingle-useplasticsand‘fastfashion’.

Design of the Circular Economy

Thedesignofthecirculareconomytakesinspirationfromnaturalsystemsandecosystemsthat inherently reuse, recycle and repurpose different parts of themselves in order toregenerateandrecreatenewlifeandlifesupportingservices.Itissplitupintobiologicalandtechnological cycles (see Figure 1: Biological and Technological Cycles in the CircularEconomy).

• Anexampleofacircularbiologicalcycleapproachisthepromotionoftheregenerationofsoilbynotover-cropping,havingrestperiodsandencouragingwildlifeactivitysuchaswormsandbeetlesthataidthehealthofthesoil.Atthesametime,thesoilcouldbesupplementedwithcompostgeneratedfromfoodwaste,minimisingtheneedforaddinginchemicalfertilisers.

• Acirculartechnologicalcyclemayincludethemaintaining,repairandupgradingofexistingproductssuchascomputerstoprolongtheirlifespanandrelevancy.AproductsuchastheiPhoneisnotpartofthisapproachasitcannoteasilyberepaired,oldhandsetscannotbeupgraded,andoldermodulesare‘lockedout’ofupdatingtothelatestsoftware.



TheEllenMacArthurFoundation(2015),whoareoneofthelargestresearchorganisationsonthecirculareconomy,considerthattherearefivemainprinciplesofacirculareconomysystem:

1) Wasteisdesignedout:biologicalmaterialsarenon-toxicsocaneitherbereturnedtothesoilorconsumedinanaerobicdigestion(whichitselfproducesenergywhichcanbeharnessed)andtechnicalmaterialsaredesignedtoberecovered,reusedandupgradedwhichretainsboththeireconomicandresourcevalue

2) Diversityiskey:biologicaldiversityhelpstomitigateagainstenvironmentalcrisiswhileeconomicdiversitythroughhavingbothlargeandsmall-scalebusinesseshelptoprovidealternativeswheneconomiccrisishits

3) Renewableenergysourcesfuelthecirculareconomy4) Systemsthinkingisappliedbroadly,emphasisingthelinksbetweensociety,politics,

theeconomyandtheenvironment5) Pricesreflecttherealcosts;thecostofexternalitiesisproperlyaccountedforin

pricing

The system values reusing, repurposing and upgrading existing items as a priority, withrecyclingbeingmuchcloser toa last resort.This isbecause therecyclingsystem isnotasefficientasmostpeoplemayimagine.Evenwhenaproductdoesgetrecycled,onlyabout5%ofthatmaterial’srawvaluegetsrecovered(Neufeldetal.,2016).Thiscanbeextendedto other items which are not used efficiently, as Ellen MacArthur Foundation (2015)evidences:

‘For example, in Europe, the average car is parked 92% of the time, 31% of food is wasted along the value chain, and the average office is used only 35–50% of the time, even during working hours’ (p.3).

The EllenMacArthur Foundation argues that amove towards a circular economy is nowpossible due to the advancement of technology (including online systems) making newbusiness approaches viable.Wealsonowhave, for the first time, reached a stagewhereoverhalfoftheworld’spopulationlivesinlargeurbanareas,whichmakessharingservicesmoreaccessible.Bysharing itemseach itemgetsusedbymanypeople,making itamoreefficientuseofresources.

Benefits of the Circular Economy

A move towards the circular economy is considered to be essential to cope with thepredictedboominthenumberofmiddle-classintheworld,whichislikelytoreach5billionpeople worldwide by 2030 (Kharas, 2017). Otherwise, the negative externalities ofconsumption such as pollution and carbon emissions will be exacerbated by having thismanyadditionalwealthypeopleintheworld.Theeffectsofatake-make-disposeeconomyare not only environmental, in that an excessive use of resources and energy is used to


makeaproductthatendsupinlandfill,butalsosocialinthattheproductionoftheselow-value items often relies upon cheap labour, usually from abroad, in poor conditions. TheWest’sdemandforfastfashionforinstancehasbeenaccusedoffuellingatrocitiessuchastheBangladeshigarmentfactorycollapse(Motlagh,2013).

Proponentsalsoargue that the circulareconomycanbypassproblems thatexistwithinalinear system, such as risks due to supply chain and price volatility, which dampenseconomic growth by introducing uncertainty and limiting investment. It can also help tomitigate against the effects of uneven resource spread in which countries are reliant onothercountriesandregionstomeettheirenergyandresourceneeds,suchasJapanneedingto import themajorityof its oil and gas tomeet its energyneeds. This relianceonothercountriesforenergyneedscancreateriskstonotonlysupplybuttosecurity,whichcanbeseenthroughtheconflictsbetweenRussiaandUkraineoveritsgaspipeline,whichfurtherthreatenedotherEuropeannations’energysecuritythroughthesegeopoliticalshutdowns4.

ClaimsmadeabouttheCircularEconomybytheEllenMacArthurFoundation:

• Thecirculareconomycancreatehugeopportunitiesforeconomicgrowthincludingtherevivalofoldindustries,creatingopportunitiesforskilledemployment

• ItcanradicallyreducecarbonemissionsasrequiredtokeeplevelswithintheParisAgreementandtheIPCCreport,aswellasreduceothernegativeexternalitiesfrompollution

• Itcanalsoincreasefoodproduction,helpingtomeetthefuturefoodneedsfortheexpandingglobalpopulation

• Itcanmakeenergysuppliessaferasenergyisbasedupondecentralisedandrenewablesources,lesseningthegeopoliticalimbalances

• Thereshouldbemorespecialisedrelationshipswithconsumers,asbyhavingproductslastandbeusedforthelong-termbusinessesgettoknowwhattheirconsumers’needsandwantsaresocanbetteradaptproductstosuitthem

• Citizenswillbenefitbyhavingmorechoice,lowerprices,andlowertotalcostofownership

4SeeBuck,T.(2018).NordStream2:GaspipelinefromRussiathat’sdividingEurope.IrishTimes.[online]Availableat:https://www.irishtimes.com/news/world/europe/nord-stream-2-gas-pipeline-from-russia-that-s-dividing-europe-1.3571552[Accessed3Feb.2019]foragoodoverviewofsomeofthegeopoliticalissuessurroundingthebuildingofanewgaspipelinebetweenRussiaandEurope


Criticisms of the Circular Economy

However,theideaofthecirculareconomyhasalsoreceivedafairamountofcriticismfromthose within the environmental movement. Narberhaus and Mitschke-Collande (2017)arguethatthecirculareconomyispresentedasa‘magicalfix’forenvironmentalproblems,when in reality, the circular economy still encourages production which will need todecrease for a realistic chance of sticking to the IPCC’s current 1.5 degrees of warmingscenario (Zinc and Geyer, 2017). They also question some of the ethics surrounding the‘sharingeconomy’.While tool libraries (operates likeabook library,butmembersborrowtoolsinstead)areincreasinglybeingsetupandmanagedbymembersofalocalcommunity,other sharing economy companies such as Uber and Deliveroo are dominated by largecorporationsandhavecreatedprecarious ‘gigeconomy’workingconditionswhichdonotguaranteebasicrightssuchasminimumwageandsickpay.

To counteract this, the circular economy would need to be underpinned by cooperativemechanisms thatwould not encourage anoverall increase in consumption and share thebenefits between everyone, rather than being controlled by the same large corporationssuch as Coca Cola or Google (Ellen MacArthur Foundation, 2019a; Ellen MacArthurFoundation,2019b).

CASE EXAMPLE: AIRBNB

Airbnb (one of the largest ‘sharing economy’ corporations) would be radicallydifferent if it was indeed a sharing platform by and for its users, rather than itscurrentrental-basedmodelthathasresultedinasystemwhereincreasingnumbersofrentalpropertiesareownedbylargecorporations.



• Themultimillion-dollar US company TerraCycle and their latest service ‘Loop’ is agood case example to get students to begin to question whether the circulareconomyisreallyaradicallydifferenteconomicmodel.Loopaimstoprovideasortof ‘milkman’ service where customers order products online and they would bedelivered inreusablepackaging,suchasglassbottles,withanadditionalcost foradeposit. The items,once finished,would thenbecollectedbyadelivery truckandcleaned ready for purchase again on their online platform. There are, however,concerns that the only products available are from multi-national (and ethicallyquestionable) corporations such as Unilever, Nestle and PepsiCo, which creates a‘brandlock-in’andforcesusersintogivingmoneytothesemajorcompaniesratherthantolocalproducerswherethemoneyismorelikelytoremaininthecommunity.This video resource: https://www.bloomberg.com/news/videos/2019-01-26/terracycle-ceo-explains-loop-video is easy to use within a lecture setting. Thestudents can discuss what they notice about the promotional video and theirassessment of whether this application of the circular economy is trulyrevolutionary, or whether it instead could be seen as an attempt at corporate‘greenwashing’5.

• Afuntutorialidea:Studentsidentifyanexampleofanindividuallyownedproductorservicethatcouldbereplacedbythesharingeconomy.Internationalstudentscanbeencouragedtobringinanexamplefromtheirhomecountrytoshowhowdifferentcultureshavedifferentpracticesofownershipovercertaingoods.Discussionscouldbeheldonimplementationofthesharingservice,iftheshiftfromindividualtocommunalownershipwouldactuallybewantedbymostpeople,andwhethertheythinkthattheclaimsmadebygroupssuchastheEllenMacArthurFoundationintheir2015reportarerealistic.

5‘Greenwashing’iswherecompaniesmakemisleadingclaimsabouttheirproductorservice,makingthemtoappearmoreenvironmentallyfriendlythantheyactuallyare


ECOSYSTEM SERVICES

More than Human Consideration

Ecosystemservicesrefertothegoodsandbenefitsthatnature,biodiversityandecosystemsprovidetohumansonadailybasisthatarevitaltohumanity’sexistence.Asthesearevitaltothefunctioningofoureverydaylives,economistshavebeguntoconsiderthemonetaryvaluationoftheservicesnatureprovides.

Ecosystemscanrangefromforeststomarshlandstoaquaticecosystems,whichallprovidearange of essential services to humans, from producing food and medicine to providingoxygenandcleanwater.Themonetaryvaluehelpsprovideguidelinesfordecisionmakersoftheworthofsuchenvironmentstohelpmakeplanningdecisions.Forexample,acityparkmaybeassignedaneconomicvaluefortheecosystemservicesitprovidessuchasaspacefor recreation, a habitat for wildlife and as a drainage zone for flood prevention. Thismonetaryvaluecould thenbeusedby the localcouncil toweighupthecostsofgrantingplanningpermissionforanewhousingdevelopmentthatwantstousetheparkspace.

Millennium Ecosystem Assessment

The United Nations, in 2005, commissioned a report titled the Millennium EcosystemAssessmentwhichaimedtomake‘nature’svaluesvisible’(UnitedNations,2005).Itdivideduptheseecosystemservicesintofourmaingroups:

• Provisioningserviceswhichdirectlyprovidegoodstobeusedbyhumanssuchasfood,energysourcesorrawmaterials

• Regulatingserviceswhichhelptoregulatetheplanetby,forexample,helpingtocontrolclimateemissionsbycapturingcarbonorcontrollingagainstdiseasethroughhavinglandscapesthatencouragenaturalpredatorsofpeststhatharmcrops

• Supportingservicesthathelpsupportotherlifesourcessuchasecosystemsthatprovidelivingspacesforavarietyofdifferentplantsandanimals

• CulturalservicesthatprovidebenefitsforsocietysuchasparksprovidinganopenandpublicspaceforrecreationoranecosystemthatprovidesinspiritualwayssuchasUlururockinAustraliabeingspirituallyandculturallyimportantforindigenousAustralians

This report emphasised that there aremany competing demands upon landscapes: fromwanting landscapes that are beautiful and conserve wildlife species, to landscapes thatprovide foods and fuels, to landscapes that provide infrastructure, living spaces andworkplaces.


The report also emphasised the need for all ecosystem services to be used withsustainability inmind—althoughnature tends tobe self-regulatingand self-propagating,ecosystemscaneasilybecomedamagedandoutofbalanceiftoomuchofoneresourceistaken.So,whileweashumanscanfreelyreceivethebenefitsfrombeesaspollinatorsforcropsasan incredibleecosystemservice,wemustalso respect the landscapes thatallowbeestothriveandusetheminasustainablemannertokeepreceivingthevitalservicesthatbeesprovide.Generally,acrossalllandscapesthereisageneralsenseofundervaluationoftheservicesthatnatureprovidesusinsustaininghumanlife(UnitedNations,2005).

Pricing for these services

There are two main ways that economists have framed ecosystem services for theirvaluation:onethatframesnaturalcapitalasutilityandanotherthatframesitasassets.

Autility-basedframeworkvaluesnaturalcapitalasthevalueofthesumofthestreamofservicesminusthecostsofgeneratingthem.So,theecosystemserviceoffishforinstancewouldbethecostofthefishtobeconsumedminusthecosttoproducethemwithnovalueplaceduponaninherentworthofthefishitself.

• Thiskindofapproachcancauseproblemsintermsofbiodiversityconservationas,forexample,apristinepatchofAmazonianrainforestvaluedforitscarbonsequestrationserviceswouldbevaluedasequaltoamonocultureplanationthatsequestersthesameamountofcarbonasthereisnodirectvaluetohumansplaceduponprotectingbiodiversityitself(Willis,2018).

Anasset-basedframeworkviewsnaturalcapitalasauniversalrightthatcitizenshaveasitunderpinsmany societal outcomes thatwedesire both nowand in the future such as inhealth, education and welfare. The asset-based approach focuses on environmentalstewardshipand looksatenhancingtheecosystemasset inquestiontotry tomaintainorevengrowitsvalue.

• ThistypeofapproachistheonethatisfavouredwithintheUKGovernment’s25yearplanto‘leavetheenvironmentinabetterstatethanitisatpresent'whichaimsforcitizenstohaveclearair;cleanwater;thrivingwildlife;enhancedbeauty;heritageandengagementwiththenaturalenvironment;mitigationof,andadaptionto,climatechange;andareducedriskofharmfromenvironmentalhazards(DepartmentforEnvironment,FoodandRuralAffairs,2018).

An asset-based approach values the whole system better than a utility-based approachwhichtendsto ignorepartsofnaturethathave lessdirectutility,whichmayresult inthefurther fragmentation of a natural landscape. The simplest, andmost pragmatic, way toundertakeaneconomicvaluationofecosystemservicesaspublicgoodsmaybetoworkout


thecostofmaintainingassets(Willis,2018).Forexample,thiscouldbebaseduponpayingcoststothelandownertomaintainthecurrentlandscape,whichallowsforafocusontheecosystemasawholeratherthanslicingtheservicesupintoindividualbenefitsandworkingoutacosteachserviceisworth,andalsohelpstoaddresserrorsanddiscrepancieswithinvaluations (as thereareoften large rangesof valuesbeinggiven to similarenvironmentalassets).

Challenges with Ecosystem Valuation

Understandably,asmentionedabove,therearesomechallengeswithpricingtheworthofecosystemservicesasitishardtofullycomprehendthevaluethattheenvironmentbrings.Nevertheless, therewasa large studyconducted that valued theworld’sbiodiversityataminimumof$33trillionUSDollarsperyear(Constanza,1997).Thistotalvaluedwarfedthevalues of any other inputs into economic systems, showing just how critical the servicesprovided by ecological systems are. However, this figure could also be seen as beingsomewhat arbitrary as life itself depends upon all of these ecosystems working inconjunctionwitheachother.Withouttheseecosystemserviceswewouldnotsurviveasaspeciesandthereforetherewouldbenoneedforeconomicsatall,makingtheservicesthatnatureprovidesus,inmanyways,priceless.

Anotherchallengewhenworkingoutthisvaluationisbalancingoutbothwhatthecurrentneedsareversus thepotential futureneeds.Forexample, forestsmaybecomemoreofavaluable resource in the future for their ability to store carbon as global emissions arepredicted to rise and carbon storage can help to combat the global rising temperatures.Similarly,thereareproblemsduetoourlimitedknowledgeofecosystemsandtherangeofservicestheyprovide,thusaneconomicvaluationofthemwouldlikelyignoreormisspartsoftheecosystemthatweknowlessabout.Theseaspectsmayhaveincreasedvalueinthefuture,suchasdensejunglelandscapespotentiallysourcingfuturemedicines,butcurrentlywilloftennotbevaluedonthispotentiality(Chinedu,2017).

There is also a need to recognise that we know very little about the complexity ofecosystems and their states of balance, and thus should try to incorporate theprecautionary principle6 into economic calculations to set a safe minimum standard forevaluatingecosystems(Kriebeletal.,2001).

6Theprecautionaryprincipleiscommonlyusedwithintheenvironmentalsciencestoadvocateforcautionwhenmakingdecisionsrelatingtotheenvironmentasthesesystemsareoftendelicatelybalancedandlittleisknownabouttheeffectsoftamperingwiththem.Theprincipleistobeusedasamatterofsocialresponsibilitytoprotectthepublic(andtheenvironment)fromunknownharms.


Anadditionalproblemwiththistypeofevaluationthattriestoseparateoutecosystems,isthatitignoresthefactthatallecosystemsare,tovaryingdegrees,interdependentoneachother. Any changes to one ecosystem may impact on another and give unintendedconsequences. There may also be thresholds crossed that rapidly cause an ecosystem’shealth,anditsbenefits,tosuddenlydeclineduetothesensitivityoftheselandscapeswhichareinadelicatebalance(DepartmentforEnvironment,FoodandRuralAffairs,2007).

A further critique from more radical ecologists argues that an economic valuation ofecosystem services makes environmentalism a ‘practical problem-solving activity, not afundamental critiqueof thedominant structureofpolitical economyand its treatmentofhuman relationships with nature’ (Spash and Asara, 2017.p.127), due to it perpetuatingideas that nature is only there for humanity’s use, purely and solely as a resource. ErikGómez-Baggethun andManuel Ruiz-Pérez (2011) also suggest that the increasing use ofthese types of environmental valuation may lead the way to a commodification ofecosystemsaswellasaffecttheequityofaccesstotheirpublicservicesbenefits.


• Thevaluationofecosystemservicescouldbeincludedaspartofamodulesectiononcost-benefitsanalysistoshowsomeofthedifficultiesandproblemsofapplyingthismethodologyinreallifeandhighlycomplexsituationswhichcouldhavehugerepercussionsifthevaluationisnotdonewithanadequateamountofenvironmentalsensitivity.

• Afuntutorialidea:Groupsofstudentsselectorareassignedanecosystemtotrytovalue.Theywillworktogethertodevelopamethodologyforevaluation.Thiswillgetthestudentstocontextuallythinkaboutthediverserangeofbenefitswereceivefromnature,andtoconsidertheproblemsandchallengesofevaluatingsomethingascomplexasenvironmentalbenefits.MearmanandPlumridge(2012)sketchoutanoutlineforsuchatutorialinabitmoredepth,aswellasprovidedifferentmethodologiesforevaluatingecosystemservices.

• TheJointNatureConservationCommittee(n.d.)andDEFRA(theDepartmentforEnvironment,FoodandRuralAffairs)(2007)bothhaveexcellentguidesonlinewhichshowstherangeofvaluationmethodsusedbyeconomists(linkstotheseresourcesareinthereferenceslist)

• Encouragestudentstoattendevents,localmeetings,orreviewresourcesbyotherorganisationssuchNaturalCapitalortheWellbeingEconomyAlliance


REFERENCES

WHAT IS SUSTAINABILITY

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Fischer,L.,Hasell,J.,Proctor,J.,Uwakwe,D.,Perkins,Z.andWatson,C.ed.,(2017).RethinkingEconomics:AnIntroductiontoPluralistEconomics.1sted.Abington,Oxfordshire:Routledge.

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TRAGEDY OF THE COMMONS

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CARBON EMISSIONS AND ECONOMICS

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CIRCULAR ECONOMY

Figure1:BiologicalandTechnologicalCyclesintheCircularEconomy.Takenfrom:Rowen,B.(2018).Thecirculareconomyconcept,explained.[online]GovernmentEuropa.Availableat:https://www.governmenteuropa.eu/circular-economy-concept-explained/90557/[Accessed3Feb.2019].https://essc.org.ph/content/archives/11135/


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ECOSYSTEM SERVICES

Chinedu,E.(2017).Deforestationandthefutureofherbalmedicinepractice.JournalofHerbmedPharmacology,6(3),p.94.

Constanza,R.(1997).Thevalueoftheworld'secosystemservicesandnaturalcapital.Nature,387,pp.253-260.

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Gómez-Baggethun,E.andRuiz-Pérez,M.(2011).Economicvaluationandthecommodificationofecosystemservices.ProgressinPhysicalGeography,35(5),pp.613-628.

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Spash,C.andAsara,V.(2017).Chapter9:Ecologicaleconomics.Fromnaturetosociety.In:Fischer,L.,Hasell,J.,Proctor,J.,Uwakwe,D.,Perkins,Z.andWatson,C,ed.,RethinkingEconomics:AnIntroductiontoPluralistEconomics,1sted.Abington,Oxfordshire:Routledge.

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A special thanks to all the teaching stafffrom universities and colleges around theUK who engaged with us on this project

These case studies were collated by the EAUC-Scotland Winter 2018-19 Intern, Daisy Jamieson

Documents

TABLE OF CONTENTS · This guide is also aimed at encouraging an alternative perspective to teaching economics and promotes the changes recommended by Rethinking Economics. 4 EAUC-Scotland: