By Nathaniel O. Keohane
Markets and the surroundings is a concise but complete creation to a subject of critical value in knowing a variety of environmental concerns and coverage ways. It bargains a transparent review of the basics of environmental economics that would permit scholars and pros to quick snatch vital innovations and to use these innovations to real-world environmental difficulties. furthermore, the e-book integrates normative, coverage, and institutional matters at a rules point. Chapters examinethe advantages and prices of environmental protectionmarkets and industry failurenatural assets as capital assetssustainability and monetary improvement Markets and the surroundings is the second one quantity within the Foundations of latest Environmental stories sequence, edited by way of James Gustave Speth. The sequence provides concise courses to crucial matters within the environmental curriculum, incorporating a problem-based method of educating and studying. Sheila M. Olmstead is assistant professor of environmental economics on the Yale university of Forestry and Environmental stories. Nathaniel Keohane is assistant professor of economics on the Yale college of administration.
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Extra info for Markets and the Environment (Foundations of Contemporary Environmental Studies Series)
For example, when economists conducted surveys in the aftermath of the Exxon Valdez the be ne fits and co sts of e nvironme ntal protection 37 oil spill in Prince William Sound, they took care to provide some background information on the spill and its likely environmental effects, before asking people to estimate the damages from the spill. The difference between the two hinges on the implicit assignment of property rights. If I ask you what you are willing to pay to preserve open space from development, I implicitly assign a property right to the developer.
But of course that might not be so obvious to the developer, or the people who would like to buy houses in the new development, or to other members of the town who care less about the open space than the influx of new residents and the addition to the tax base. Indeed, your own house might once have been part of a new development on what used to be open space. In order to balance the views of people who favor preserving the open space against those in favor of development, we need to have some way of thinking about the benefits from preservation.
However, the individualistic perspective of economics does hold that people should ultimately be allowed to make their own decisions about what they value and what they do not. A drawback of this approach is that it does not necessarily take account of how well informed people are about the environment. A natural solution is to educate people about the benefits of environmental protection. For example, when economists conducted surveys in the aftermath of the Exxon Valdez the be ne fits and co sts of e nvironme ntal protection 37 oil spill in Prince William Sound, they took care to provide some background information on the spill and its likely environmental effects, before asking people to estimate the damages from the spill.
Markets and the Environment (Foundations of Contemporary Environmental Studies Series) by Nathaniel O. Keohane