1. In a single sentence, summarize what you take to be the meaning of the precautionary principle.

2. How would you characterize the relationship between the precautionary principle and the safety principle -- unrelated, the first implies the second, the second implies the first, or something else? Explain.

3. On p. 25 of their article, Jordan and O'Riordan write, "...economists say that it is possible to differentiate between actions taken on a precautionary basis (on the strictest interpretation this would equate with zero emissions) and the optimal level of pollution elucidated by a full risk-benefit or cost-benefit analysis. The difference between the two would represent the social opportunity cost of adopting a precautionary perspective." Create a numerical and/or graphical example (along the lines of the problems we have considered in the last two weeks) that illustrates this viewpoint of economics.

4. Based on your reading of this article (Jordan and O'Riordan), what assumptions of the economic critique of precaution might be challenged by its environmental advocates? (This could be a lengthy list; you might want to limit it to two or three.)