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In this lecture, Dr. James (Jim) Boyd presents an overview of the philosophical underpinnings of economics, theories for setting market values, and perceptions by non-economists of economic analysis and research. He starts by highlighting three key theoretical assumptions made by economists—that individuals are self-interested, are rational, and work toward maximizing benefits. He stresses that economics is not just about maximizing money or profits, while emphasizing the balance of efficiency and equity that underlies economic analysis. He then presents the basic building blocks of economic analysis—supply and demand curves—and notes that there are many examples of economic activity where these curves and the preferences they represent do not adequately explain empirical outcomes. He ends with a discussion of public goods and the way to understand human decision-making that is less than optimal from an economic viewpoint.
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About the Presenters
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James Boyd
Director of Social Science & PolicyDr. James Boyd was SESYNC's Director of Social Science and Policy from 2011 to 2022, while also a Senior Fellow at Resources for the Future in Washington, DC, holding the Thomas Klutznick Chair in Environmental Policy. James earned his PhD from the University of Pennsylvania’s Wharton School and has been a visiting professor at Stanford University and Washington University in St Louis. James’ research emphasizes collaboration between ecologists and economists to guide decisions that affect natural resources. His work considers how natural systems contribute to economic wealth and social well...
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James Boyd
Director of Social Science & PolicyDr. James Boyd was SESYNC's Director of Social Science and Policy from 2011 to 2022, while also a Senior Fellow at Resources for the Future in Washington, DC, holding the Thomas Klutznick Chair in Environmental Policy. James earned his PhD from the University of Pennsylvania’s Wharton School and has been a visiting professor at Stanford University and Washington University in St Louis. James’ research emphasizes collaboration between ecologists and economists to guide decisions that affect natural resources. His work considers how natural systems contribute to economic wealth and social well-being and how policies can be designed to protect and enhance valuable ecosystem goods and services. James has worked with diverse partners from government, non-governmental organizations (NGOs), and private-sector institutions, emphasizing close collaboration between decision makers and academic researchers to generate science that is useful and practical in real-world settings. He has served on government and private advisory panels, including the National Academy of Sciences, U.S. Environmental Protection Agency (EPA) Science Advisory Board, the Ecological Society of America, and others, including the U.S. EPA’s Committee on Valuing Ecological Systems and Services. As a consultant, he has advised the World Bank, European Commission, numerous federal and state agencies, and NGOs concerned with conservation and environmental protection.
External Links:
https://www.rff.org/people/james-w-boyd/ -
Supporting Materials
Presentation Slides:
DocumentBoyd_EnviroEconomicsPrinciples.pdf (537.01 KB)
Reading List:
Boyd, J. (2012). Economic Valuation, Ecosystem Services, and Conservation Strategy. Report Commissioned by The Gordon and Betty Moore Foundation, 178-189. http://www.moore.org/ecosystemservicesseminar.html.