Economics of the Environment Theory and Policy [Paperback]

The book interprets nature and the environment as a scarce resource. It offers a theoretical study of the allocation problem and describes different policy approaches to the environmental problem. The entire spectrum of the allocation issue is studied. The author incorporates several economic approaches, including neoclassical analysis, the public goods approach and optimization theory. The different aspects of environmental allocation are studied in the context of a single model that is used throughout the book. The sixth edition includes new sections on ethical aspects of environmental evaluation, and international emission trading and biodiversity.

The book interprets nature and the environment as a scarce resource. It offers a theoretical study of the allocation problem and describes different policy approaches to the environmental problem. The sixth edition is updated data and contains additional topics.

The labor of nature is paid, not because she does much, but because she does little. In proportion as she becomes niggardly in her gifts, she exacts a greater price for her work. Where she is munificently bene- cent, she always works gratis. 1 David Ricardo This book interprets nature and the environment as a scarce resource. Whereas in the past people lived in a paradise of environmental superabundance, at present environmental goods and services are no longer in ample supply. The environment fulfills many functions for the economy: it serves as a public-c- sumption good, as a provider of natural resources, and as receptacle of waste. These different functions compete with each other. Releasing more pollutants into the environment reduces environmental quality, and a better environmental quality implies that the environments use as a receptacle of waste has to be restrained. Consequently, environmental disruption and environmental use are by nature allocation problems. This is the basic message of this book.The Problem.- Usl3*