What is environmental and natural resource economics?

Environmental economics is a branch of economics that analyzes the monetary value of environmental issues that require implementing certain policies. It focuses on these policies and their effects on the economy. These mainly include the costs of economic growth that are associated with harm to the environment. Environmental economics also analyzes the benefits associated with environmental policies.

Natural resource economics is a branch of economics that studies the market of the Earth's natural resources, as well as their efficient allocation. It tries to find the methods that will allow humans to allocate these resources more efficiently. Hence, it analyzes the interactions between humans and the natural system to identify the role of natural resources in developing the economy.