Introduction to Economic Theory
Each tour covers a variety of economic theory related to the issues raised in the tour. In the Wildlife Tour the following theories are considered:
- Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES)
- Establishing Property Rights
- Market Failure
- Regulating The Ivory Market
- Sustainability
- The Multiplier Principle
Economists use economic theories and model for essentially two reasons:
- To enable a better understanding of a particular economic problem.
- To allow predictions to be made about the effect of changes in variables, policies and strategies.
Many students new to economics find the constant desire to express what on the face of it seems to be a common sense assertion frustrating. Particularly when many of the models used are based on simplifying assumption. Nevertheless reality is often very complex and influenced by numerous interconnected variables. Often assumptions such as ceteris paribus must be made if we are going to be able to isolate certain variables and consider the impact of a change in these.
