New Mexico State University
AEEC 501
Microeconomic Theory
Final Exam
Fall, 2021
A celebrated paper was published in 2010 in Ecological Economics, titled “Ecosystem Services: From Eye‐Opening
Metaphor to Complexity Blinder,” written by Richard Norgaard, some of whose works you may have seen in your
other classes.
This work uses many of the principles we’ve covered in chapters 12 and 13 of our text, Microeconomic Theory, Basic
Principles and Extensions, by Nicholson and Snyder. The paper is posted on CANVAS as an assignment under the
section head Final Exam. It is only 7½ pages long, so should not be too hard to assimilate. Its summary abstract
states
“What started as a humble metaphor to help us think about our relation to nature has become integral to
how we are addressing the future of humanity and the course of biological evolution. The metaphor of
nature as a stock that provides a flow of services is insufficient for the difficulties we are in or the task ahead.
Indeed, combined with the mistaken presumption that we can analyze a global problem within a partial
equilibrium economic framework and reach a new economy project‐by‐project without major institutional
change, the simplicity of the stock‐flow framework blinds us to the complexity of the human predicament.
The ecosystem services approach can be a part of a larger solution, but its dominance in our characterization
of our situation and the solution is blinding us to the ecological, economic, and political complexities of the
challenges we actually face.”
You’ll notice that Norgaard thinks about big things in a big way. The paper presents its work in five main sections
Introduction (not titled)
The Richness of the Ecological Sciences
Ecosystem Services and Sustainability in a General Equilibrium Framework
Becoming Serious about Environmental Governance
Conclusions
Please write answers to the five questions posed below, using our class material from chapters 12‐13 as a
foundation for your discussion. Aim for 4‐6 typed double‐spaced pages, using each of the five section heads below
to set off your answers. In addition to using material from our chapters 12‐13, you can use materials you find on
the web, other articles and our homework for chapters 12‐13. Cite all direct quotes and data used from outside
sources.
(15 pts) Motivation: Describe and defend your view of the motivation to write this article.
(40 pts) Conclusions: Describe and defend your view of the conclusions for each of its five main sections bulleted
above.
(15 pts) Critique: Describe why or why not you agree with each conclusion.
(15 pts) Policy Analysis: Based on the paper’s conclusions and your critiques, describe choices policymakers have to
design climate change adaptations for addressing food security.
(15 pts) Discussion: What future work needs to be done to improve this paper?
Grading Rubric: Excellence of answers to all questions. New Mexico State University
AEEC 501
Microeconomic Theory
Final Exam
Fall, 2021
A celebrated paper was published in 2010 in Ecological Economics, titled “Ecosystem Services: From Eye‐Opening
Metaphor to Complexity Blinder,” written by Richard Norgaard, some of whose works you may have seen in your
other classes.
This work uses many of the principles we’ve covered in chapters 12 and 13 of our text, Microeconomic Theory, Basic
Principles and Extensions, by Nicholson and Snyder. The paper is posted on CANVAS as an assignment under the
section head Final Exam. It is only 7½ pages long, so should not be too hard to assimilate. Its summary abstract
states
“What started as a humble metaphor to help us think about our relation to nature has become integral to
how we are addressing the future of humanity and the course of biological evolution. The metaphor of
nature as a stock that provides a flow of services is insufficient for the difficulties we are in or the task ahead.
Indeed, combined with the mistaken presumption that we can analyze a global problem within a partial
equilibrium economic framework and reach a new economy project‐by‐project without major institutional
change, the simplicity of the stock‐flow framework blinds us to the complexity of the human predicament.
The ecosystem services approach can be a part of a larger solution, but its dominance in our characterization
of our situation and the solution is blinding us to the ecological, economic, and political complexities of the
challenges we actually face.”
You’ll notice that Norgaard thinks about big things in a big way. The paper presents its work in five main sections
Introduction (not titled)
The Richness of the Ecological Sciences
Ecosystem Services and Sustainability in a General Equilibrium Framework
Becoming Serious about Environmental Governance
Conclusions
Please write answers to the five questions posed below, using our class material from chapters 12‐13 as a
foundation for your discussion. Aim for 4‐6 typed double‐spaced pages, using each of the five section heads below
to set off your answers. In addition to using material from our chapters 12‐13, you can use materials you find on
the web, other articles and our homework for chapters 12‐13. Cite all direct quotes and data used from outside
sources.
(15 pts) Motivation: Describe and defend your view of the motivation to write this article.
(40 pts) Conclusions: Describe and defend your view of the conclusions for each of its five main sections bulleted
above.
(15 pts) Critique: Describe why or why not you agree with each conclusion.
(15 pts) Policy Analysis: Based on the paper’s conclusions and your critiques, describe choices policymakers have to
design climate change adaptations for addressing food security.
(15 pts) Discussion: What future work needs to be done to improve this paper?
Grading Rubric: Excellence of answers to all questions. New Mexico State University
AEEC 501
Microeconomic Theory
Final Exam
Fall, 2021
A celebrated paper was published in 2010 in Ecological Economics, titled “Ecosystem Services: From Eye‐Opening
Metaphor to Complexity Blinder,” written by Richard Norgaard, some of whose works you may have seen in your
other classes.
This work uses many of the principles we’ve covered in chapters 12 and 13 of our text, Microeconomic Theory, Basic
Principles and Extensions, by Nicholson and Snyder. The paper is posted on CANVAS as an assignment under the
section head Final Exam. It is only 7½ pages long, so should not be too hard to assimilate. Its summary abstract
states
“What started as a humble metaphor to help us think about our relation to nature has become integral to
how we are addressing the future of humanity and the course of biological evolution. The metaphor of
nature as a stock that provides a flow of services is insufficient for the difficulties we are in or the task ahead.
Indeed, combined with the mistaken presumption that we can analyze a global problem within a partial
equilibrium economic framework and reach a new economy project‐by‐project without major institutional
change, the simplicity of the stock‐flow framework blinds us to the complexity of the human preNew Mexico State University
AEEC 501
Microeconomic Theory
Final Exam
Fall, 2021
A celebrated paper was published in 2010 in Ecological Economics, titled “Ecosystem Services: From Eye‐Opening
Metaphor to Complexity Blinder,” written by Richard Norgaard, some of whose works you may have seen in your
other classes.
This work uses many of the principles we’ve covered in chapters 12 and 13 of our text, Microeconomic Theory, Basic
Principles and Extensions, by Nicholson and Snyder. The paper is posted on CANVAS as an assignment under the
section head Final Exam. It is only 7½ pages long, so should not be too hard to assimilate. Its summary abstract
states
“What started as a humble metaphor to help us think about our relation to nature has become integral to
how we are addressing the future of humanity and the course of biological evolution. The metaphor of
nature as a stock that provides a flow of services is insufficient for the difficulties we are in or the task ahead.
Indeed, combined with the mistaken presumption that we can analyze a global problem within a partial
equilibrium economic framework and reach a new economy project‐by‐project without major institutional
change, the simplicity of the stock‐flow framework blinds us to the complexity of the human predicament.
The ecosystem services approach can be a part of a larger solution, but its dominance in our characterization
of our situation and the solution is blinding us to the ecological, economic, and political complexities of the
challenges we actually face.”
You’ll notice that Norgaard thinks about big things in a big way. The paper presents its work in five main sections
Introduction (not titled)
The Richness of the Ecological Sciences
Ecosystem Services and Sustainability in a General Equilibrium Framework
Becoming Serious about Environmental Governance
Conclusions
Please write answers to the five questions posed below, using our class material from chapters 12‐13 as a
foundation for your discussion. Aim for 4‐6 typed double‐spaced pages, using each of the five section heads below
to set off your answers. In addition to using material from our chapters 12‐13, you can use materials you find on
the web, other articles and our homework for chapters 12‐13. Cite all direct quotes and data used from outside
sources.
(15 pts) Motivation: Describe and defend your view of the motivation to write this article.
(40 pts) Conclusions: Describe and defend your view of the conclusions for each of its five main sections bulleted
above.
(15 pts) Critique: Describe why or why not you agree with each conclusion.
(15 pts) Policy Analysis: Based on the paper’s conclusions and your critiques, describe choices policymakers have to
design climate change adaptations for addressing food security.
(15 pts) Discussion: What future work needs to be done to improve this paper?
Grading Rubric: Excellence of answers to all questions. dicament.
The ecosystem services approach can be a part of a larger solution, but its dominance in our characterization
of our situation and the solution is blinding us to the ecological, economic, and political complexities of the
challenges we actually face.”
You’ll notice that Norgaard thinks about big things in a big way. The paper presents its work in five main sections
Introduction (not titled)
The Richness of the Ecological Sciences
Ecosystem Services and Sustainability in a General Equilibrium Framework
Becoming Serious about Environmental Governance
Conclusions
Please write answers to the five questions posed below, using our class material from chapters 12‐13 as a
foundation for your discussion. Aim for 4‐6 typed double‐spaced pages, using each of the five section heads below
to set off your answers. In addition to using material from our chapters 12‐13, you can use materials you find on
the web, other articles and our homework for chapters 12‐13. Cite all direct quotes and data used from outside
sources.
(15 pts) Motivation: Describe and defend your view of the motivation to write this article.
(40 pts) Conclusions: Describe and defend your view of the conclusions for each of its five main sections bulleted
above.
(15 pts) Critique: Describe why or why not you agree with each conclusion.
(15 pts) Policy Analysis: Based on the paper’s conclusions and your critiques, describe choices policymakers have to
design climate change adaptations for addressing food security.
(15 pts) Discussion: What future work needs to be done to improve this paper?
Grading Rubric: Excellence of answers to all questions.