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Markets and the Environment

ISBN-10: 1597260479

ISBN-13: 9781597260473

Edition: 2nd 2007

Authors: Nathaniel O. Keohane, Sheila M. Olmstead

List price: $25.00
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Description:

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. nbsp; Chapters examine o the benefits and costs of environmental protection o markets and market failure o natural resources as capital assets o sustainability and economic development nbsp; 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. Sheila M. Olmstead is assistant professor of environmental economics at the Yale School of Forestry and Environmental Studies. Nathaniel Keohane is assistant professor of economics at the Yale School of Management.
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Book details

List price: $25.00
Edition: 2nd
Copyright year: 2007
Publisher: Island Press
Publication date: 6/18/2007
Binding: Paperback
Pages: 288
Size: 5.25" wide x 8.50" long x 0.50" tall
Weight: 1.056
Language: English

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.

Preface
Introduction
Economics and the Environment
Global Climate Change
Organization and Content of This Book
What We Hope Readers Will Take Away from This Book
Economic Efficiency and Environmental Protection
Economic Efficiency
Efficiency and Environmental Policy
Equating Benefits and Costs on the Margin
Dynamic Efficiency and Environmental Policy
Conclusion
The Benefits and Costs of Environmental Protection
Measuring Costs
Evaluating Benefits
Benefit-Cost Analysis
Conclusion
The Efficiency of Markets
Competitive Market Equilibrium
The Efficiency of Competitive Markets
Conclusion
Market Failures in the Environmental Realm
Externalities
Public Goods
The Tragedy of the Commons
Conclusion
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
Stocks that Grow: The Economics of Renewable Resource Management
Economics of Forest Resources
Fisheries
Conclusion
Appendix
Principles of Market-Based Environmental Policy
The Coase Theorem
The Array of Policy Instruments
How Market-Based Policies Can Overcome Market Failure
Is It Preferable to Set Prices or Quantities?
Conclusion
The Case for Market-Based Instruments in the Real World
Reducing Costs
Promoting Technological Change
Market-Based Instruments for Managing Natural Resources
Other Considerations
Conclusion
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
Conclusion
Sustainability and Economic Growth
Limits to Growth?
Sustainability, in Economic Terms
Keeping Track: Green Accounting
Are Economic Growth and Sustainability Compatible?
Conclusions
Conclusion
What Does Economics Imply for Environmental Policy?
The Roles of Firms, Consumers, and Governments
Some Final Thoughts
Discussion Questions
References
Further Reading
Index