Today the environment degradation is a matter of agent concern before human society. Both developing as well as developed countries are facing severe environmental problems. In the developmental process man has been ruthlessly extracting natural resources and polluting natural environment. Various environmental problems pose a threat to environmental sustainability, among which the increasing level of wastes and air pollution, destruction of ozone hole, acid rain global warming etc. are same of the common issues. The earth is fast losing its treasure (Baliga, 1996).
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. Political economy was the earlier name for the subject, but economists in the late 19th century suggested "economics" as a shorter term for "economic science" that also avoided a narrow political-interest connotation and as similar in form to "mathematics", "ethics", and so forth.
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