According to the Coase Theorem, negotiation between two parties involved in an externality will eliminate pareto relevant externalities and result in an efficient solution if property rights are well specified. Using the example of a rsource developer who is polluting a nearby river with effluent and a community which utilizes the river water for drinking purposes, show that irrespective of who has the property rights, the outcome of the market solution is an efficient allocation of resources and the removal of the Pareto relevant-externality.

Question 1 ((20 marks)
The belief that trade has the potential to profoundly affect the environment has forced economists to assess a number of hypothesis. Discuss the following hypothesis/issues as they relate to trade and environment:
(i) Pollution Haven hypothesis. (5 marks)
(ii) Environmental Kuznets Curve (EKC) hypothesis. (6 marks)
(iii) North-South trade issue. (5 marks)
(iv) Porter’s Hypothesis. (4 marks)

Question 2 (20 marks)
(a) Discuss the following approaches to sustainability:
(i) Pierce-Atkinson Measure (PAM). (4 marks)
(ii) Daly’s operational principles. (4 marks)
(iii) Non-Declining natural capital approach. (4 marks)

(b) Discuss sustainability according to the following perspectives:-
(i) The Neo-classical economics definition. (3 marks)
(ii) Materials balance approach. (3 marks)
(iii) The Sociologists’ perspective. (2 marks)

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