Markets And the Environment

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  • Format: Paperback
  • Copyright: 2007-06-18
  • Publisher: Island Pr
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Markets and the Environment is an accessible yet comprehensive introduction to environmental economics. It examines the benefits and costs of environmental protection, markets and market failures, and natural resources as capital assets. With clear explanations of fundamental concepts, it offers students a broad understanding of a wide range of environmental issues and policy approaches. Book jacket.

Author Biography

Nathaniel O. Keohane is Associate Professor of Economics at the Yale School of Management Sheila M. Olmstead is Assistant Professor of Environmental Economics at the Yale School of Forestry and Environmental Studies

Table of Contents

Prefacep. ix
Introductionp. 1
Economics and the Environmentp. 1
Global Climate Changep. 2
Organization and Content of This Bookp. 6
What We Hope Readers Will Take Away from This Bookp. 9
Economic Efficiency and Environmental Protectionp. 11
Economic Efficiencyp. 12
Efficiency and Environmental Policyp. 19
Equating Benefits and Costs on the Marginp. 21
Dynamic Efficiency and Environmental Policyp. 27
Conclusionp. 30
The Benefits and Costs of Environmental Protectionp. 31
Measuring Costsp. 31
Evaluating Benefitsp. 33
Benefit-Cost Analysisp. 43
Conclusionp. 52
The Efficiency of Marketsp. 54
Competitive Market Equilibriump. 55
The Efficiency of Competitive Marketsp. 59
Conclusionp. 63
Market Failures in the Environmental Realmp. 65
Externalitiesp. 66
Public Goodsp. 70
The Tragedy of the Commonsp. 76
Conclusionp. 81
Managing Stocks: Natural Resources as Capital Assetsp. 84
Economic Scarcityp. 85
Efficient Extraction in Two Periodsp. 87
A Closer Look at the Efficient Extraction Pathp. 90
The Critical Role of Property Rightsp. 94
Conclusionp. 97
Stocks that Grow: The Economics of Renewable Resource Managementp. 98
Economics of Forest Resourcesp. 98
Fisheriesp. 111
Conclusionp. 121
Appendixp. 122
Principles of Market-Based Environmental Policyp. 125
The Coase Theoremp. 126
The Array of Policy Instrumentsp. 129
How Market-Based Policies Can Overcome Market Failurep. 133
Is It Preferable to Set Prices or Quantities?p. 143
Conclusionp. 151
The Case for Market-Based Instruments in the Real Worldp. 153
Reducing Costsp. 154
Promoting Technological Changep. 164
Market-Based Instruments for Managing Natural Resourcesp. 168
Other Considerationsp. 173
Conclusionp. 180
Market-Based Instruments in Practicep. 182
The U.S. Sulfur Dioxide Marketp. 183
Individual Tradable Quotas for Fishing in New Zealandp. 190
Municipal Water Pricingp. 195
Water Quality Tradingp. 198
Waste Management: "Pay As You Throw"p. 199
Habitat and Land Managementp. 201
Conclusionp. 205
Sustainability and Economic Growthp. 207
Limits to Growth?p. 208
Sustainability, in Economic Termsp. 214
Keeping Track: Green Accountingp. 221
Are Economic Growth and Sustainability Compatible?p. 227
Conclusionsp. 227
Conclusionp. 230
What Does Economics Imply for Environmental Policy?p. 230
The Roles of Firms, Consumers, and Governmentsp. 231
Some Final Thoughtsp. 232
Discussion Questionsp. 235
Referencesp. 243
Further Readingp. 259
Indexp. 267
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