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| Preface | |
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| Introduction | |
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| Economics and the Environment | |
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| Global Climate Change | |
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| Organization and Content of This Book | |
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| What We Hope Readers Will Take Away from This Book | |
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| Economic Efficiency and Environmental Protection | |
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| Economic Efficiency | |
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| Efficiency and Environmental Policy | |
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| Equating Benefits and Costs on the Margin | |
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| Dynamic Efficiency and Environmental Policy | |
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| Conclusion | |
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| The Benefits and Costs of Environmental Protection | |
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| Measuring Costs | |
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| Evaluating Benefits | |
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| Benefit-Cost Analysis | |
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| Conclusion | |
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| The Efficiency of Markets | |
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| Competitive Market Equilibrium | |
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| The Efficiency of Competitive Markets | |
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| Conclusion | |
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| Market Failures in the Environmental Realm | |
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| Externalities | |
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| Public Goods | |
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| The Tragedy of the Commons | |
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| Conclusion | |
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| Managing Stocks: Natural Resources as Capital Assets | |
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| Economic Scarcity | |
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| Efficient Extraction in Two Periods | |
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| A Closer Look at the Efficient Extraction Path | |
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| The Critical Role of Property Rights | |
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| Conclusion | |
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| Stocks that Grow: The Economics of Renewable Resource Management | |
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| Economics of Forest Resources | |
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| Fisheries | |
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| Conclusion | |
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| Appendix | |
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| Principles of Market-Based Environmental Policy | |
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| The Coase Theorem | |
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| The Array of Policy Instruments | |
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| How Market-Based Policies Can Overcome Market Failure | |
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| Is It Preferable to Set Prices or Quantities? | |
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| Conclusion | |
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| The Case for Market-Based Instruments in the Real World | |
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| Reducing Costs | |
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| Promoting Technological Change | |
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| Market-Based Instruments for Managing Natural Resources | |
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| Other Considerations | |
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| Conclusion | |
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| Market-Based Instruments in Practice | |
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| The U.S. Sulfur Dioxide Market | |
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| Individual Tradable Quotas for Fishing in New Zealand | |
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| Municipal Water Pricing | |
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| Water Quality Trading | |
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| Waste Management: "Pay As You Throw" | |
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| Habitat and Land Management | |
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| Conclusion | |
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| Sustainability and Economic Growth | |
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| Limits to Growth? | |
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| Sustainability, in Economic Terms | |
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| Keeping Track: Green Accounting | |
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| Are Economic Growth and Sustainability Compatible? | |
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| Conclusions | |
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| Conclusion | |
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| What Does Economics Imply for Environmental Policy? | |
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| The Roles of Firms, Consumers, and Governments | |
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| Some Final Thoughts | |
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| Discussion Questions | |
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| References | |
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| Further Reading | |
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| Index | |