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Striking the balance : economics and the environment

Sandmo, Agnar
Working paper
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URI
http://hdl.handle.net/11250/162870
Date
2003-10
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  • Discussion papers (SAM) [578]
Abstract
The environment has many of the properties that economists associate with the concept of a

public good. It has long been realized that, if left to itself, the market economy is likely to lead

to an undersupply of public goods and, in the environmental area, to an insufficient use of

resources to preserve environmental quality. Economics research in this area has concentrated

on three central issues. First, exactly why is it that a market economy fails to allocate

resources efficiently in the presence of environmental public goods or externalities? Second,

how can one assess the economic value of environmental goods? Second, what kinds of

policy are best suited for the protection of the environment; e.g. should one rely on tax and

price incentives or on quantitative regulations? The article discusses these questions and also

describes the evolution of the economic perspective on the environment, from a concern with

local problems to focus on international and global issues of environmental pollution.
Publisher
Norwegian School of Economics and Business Administration. Department of Economics
Series
Discussion paper
2003:17

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