Synopses & Reviews
Synopsis
A clear grasp of economics is essential to understanding why environmental problems arise and how we can address them. So it is with good reason that Markets and the Environment has become a classic text in environmental studies since its first publication in 2007. Now thoroughly revised with updated information on current environmental policy and real-world examples of market-based instruments, the primer is more relevant than ever.and#160;The authors provide a concise yet thorough introduction to the economic theory of environmental policy and natural resource management. They begin with an overview of environmental economics before exploring topics including cost-benefit analysis, market failures and successes, and economic growth and sustainability.
About the Author
Nathaniel O. Keohane is Vice President at Environmental Defense Fund, where he leads EDFand#8217;s International Climate program. Sheila M. Olmstead is Associate Professor of Public Affairs at the University of Texas at Austin.
Table of Contents
Preface
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
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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
-Conclusion
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Chapter 3. The Benefits and Costs of Environmental Protection
-Measuring Costs
-Evaluating the Benefits
-Benefit-Cost Analysis
-Conclusion
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Chapter 4. The Efficiency of Markets
-Competitive Market Equilibrium
-The Efficiency of Competitive Markets
-Conclusion
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Chapter 5. Market Failures in the Environmental Realm
-Externalities
-Public Goods
-The Tragedy of the Commons
-Conclusions
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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
-Conclusion
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Chapter 7. Stocks that Grow: The Economics of Renewable Resource Management
-Economics of Forest Resources
-Fisheries
-Conclusion
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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?
-Conclusions
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Chapter 9. The Case for Market-Based Instruments in the Real World
-Reducing Costs
-Promoting Technological Change
-Market-Based Instruments for Managing Natural Resources
-Other Considerations
-Conclusions
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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: andquot;Pay As You Throwandquot;
-Habitat and Land Management
-Conclusions
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Chapter 11. Sustainability and Economic Growth
-Limits to Growth?
-Sustainability, in Economic Terms
-Keeping Track: Green Accounting
-Are Economic Growth and Sustainability Compatible?
-Conclusions
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Chapter 12. Conclusion
-What Does Economics Imply for Environmental Policy?
-The Role of Firms, Consumers, and Governments
-Some Final Thoughts