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Reviewed by Jul 26, 2021| Updated on
Environmental economics is a field of economics which deals with the economic-environmental relationship. Environmental economists are researching the economies of both sides of natural resources, their exploitation and use, and how the waste products are contributing to the ecosystem.
Today, people around the world have realized that the environment is not just studying flora and fauna, but a combination of studying different branches of knowledge, such as science, economics, philosophy, ethics, anthropology, and so on.
A review of environmental economics, therefore, calls for a detailed understanding of various environmental causes, their effect on the economy, their roles on the environment, and their influence on the present and future people's lives.
Environmental economics is an emerging area in the field of economic science. Before the 1970s, little attention was paid to the growth and development of this part of the economics information field.
The first oil stock in 1971 and subsequently the advent on a global level of relatively higher rates of environmental damage prompted academics in this area to apply economic methods to environmental science. Environmental science studies are abundantly available, though they do not cover the environmental, economical material.
Separate environmental policies are needed to address critical issues. Appropriate environmental policies are, therefore, to be developed for each country, and they need to resolve transnational environmental issues at the same time. In India, for example, there are several environmental laws passed by governments of both states and the Union.
Suitable environmental policy is necessary for addressing environmental issues that have arisen and also for avoiding the local or regional environmental threats that are likely to occur.
Every government of the state and the central government will announce its environmental policies from time to time to minimize the degree and scale of environmental destruction through legislation. Asia, Europe, and the USA have different environmental policies in several respects.