On the afternoon of October 16, 2017, the fifty-eighth lecture of Luojia Lecture Series on Environmental Law held in 325 classroom of the law school.This lecture has the honor to invite the international well-known economist, Prof. Michael Faure from Maastricht University in the Netherlands, Rotterdam Erasmus University, the theme of the lecture is "Economic Analysis in Environmental Law and Policy". This lecture is chaired by RIEL Prof. Liu Jing, Prof. Alexander Zahar, Dr. Wu Yu, and other doctoral master students.

 

Prof. Faure first explained: what is externality. Prof. Faure noted that market failure has made externalities an economic problem. We want to internalize this externality, and its biggest goal is to minimize social costs. So what role does the law play? Prof. Faure then gave an example of this. At last, Prof. Faure introduce that to minimize the social costs we often use some mechanism, such as the responsibility system, command and control, the subsidy system, the application of environmental taxes and tradable permits, etc. Prof. Faure emphasized that the empirical analysis method and normative analysis method should be applied skillfully in any research.

 

At the end of the lecture, Prof. Liu Jing gave a brief summary of Prof. Machael Faure's lecture, and once again expressed her welcome and thanks to Prof. Faure. The students also actively raise their own questions, and Prof. Faure gives a detailed explanation. The lecture ended smoothly in a warm and relaxed atmosphere.