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Markets and the Environment


Markets and the Environment Cover


Synopses & Reviews

Publisher Comments:

Markets and the Environment is a concise yet comprehensive introduction to a topic of central importance in understanding a wide range of environmental issues and policy approaches. It offers a clear overview of the fundamentals of environmental economics that will enable students and professionals to quickly grasp important concepts and to apply those concepts to real-world environmental problems. In addition, the book integrates normative, policy, and institutional issues at a principles level. Chapters examine: the benefits and costs of environmental protection, markets and market failure, natural resources as capital assets, and sustainability and economic development.
Markets and the Environment is the second volume in the Foundations of Contemporary Environmental Studies Series, edited by James Gustave Speth. The series presents concise guides to essential subjects in the environmental curriculum, incorporating a problem-based approach to teaching and learning.

Book News Annotation:

Keohane (economics, Yale) and Olmstead (environmental economics, Yale) present a concise introduction to the economic theory of environmental policy and natural resource management. The text is intended for use in undergraduate and graduate courses in environmental studies, environmental or natural resource economics, or as a supplement in other business/management courses with a different focus. Designed to be accessible to readers without prior knowledge of economics, it emphasizes intuition rather than algebra, conveying concepts through words and graphs instead of presenting mathematical results. A multitude of real-world examples are incorporated, from the conservation of the California condor to the reduction of CO2 in the atmosphere. The text is also suitable as a resource for a wide range of professionals or other concerned readers seeking an introduction to the subject. Annotation ©2007 Book News, Inc., Portland, OR (

About the Author

Nathaniel Keohane is assistant 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

Chapter 1. Introduction

-Economics and the Environment

-Global Climate Change

-Organization and Content of This Book

-What We Hope Readers Will Take away from This Book


Chapter 2. Economic Efficiency and Environmental Protection

-Economic Efficiency

-Efficiency and Environmental Policy

-Equating Benefits and Costs on the Margin

-Dynamic Efficiency and Environmental Policy



Chapter 3. The Benefits and Costs of Environmental Protection

-Measuring Costs

-Evaluating the Benefits

-Benefit-Cost Analysis



Chapter 4. The Efficiency of Markets

-Competitive Market Equilibrium

-The Efficiency of Competitive Markets



Chapter 5. Market Failures in the Environmental Realm


-Public Goods

-The Tragedy of the Commons



Chapter 6. Managing Stocks: Natural Resources as Capital Assets

-Economic Scarcity

-Efficient Extraction in Two Periods

-A Closer Look at the Efficient Extraction Path

-The Critical Role of Property Rights



Chapter 7. Stocks that Grow: The Economics of Renewable Resource Management

-Economics of Forest Resources




Chapter 8. Principles of Market-based Environmental Policy

-Array of Policy Instruments

-Market-Based Policies Can Overcome Market Failure

-Is It Preferable to Set Prices or Quantities?



Chapter 9. The Case for Market-Based Instruments in the Real World

-Reducing Costs

-Promoting Technological Change

-Marked-Based Instruments for Managing Natural Resources

-Other Considerations



Chapter 10. Market Based Instruments in Practice

-The U.S. Sulfur Dioxide Market

-Individual Tradable Quotas for Fishing in New Zealand

-Municipal Water Pricing

-Water Quality Trading

-Waste Management: "Pay As You Throw"

-Habitat and Land Management



Chapter 11. Sustainability and Economic Growth

-Limits to Growth?

-Sustainability, in Economic Terms

-Keeping Track: Green Accounting

-Are Economic Growth and Sustainability Compatible?



Chapter 12. Conclusion

-What Does Economics Imply for Environmental Policy?

-The Role of Firms, Consumers, and Governments

-Some Final Thoughts

Product Details

Keohane, Nathaniel O.
Island Press
Olmstead, Sheila M.
Keohane, Nathaniel
Environmental Science
Environmental economics
Business - General
Edition Number:
Edition Description:
Foundations of Contemporary Environmental Studies Series
Publication Date:
Grade Level:
College/higher education:
8.75 x 5.5 in

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