Here finally is a book that educates us deeply about the economic
costs and gains of cleaning up the environment and of finally
coming to terms with the costs of human induced climate at the
micro- and macro-economic level. Replete with case studies from
China, Australia and the USA, demonstrating deep erudition and
extensive use of empirical data, it remains accessible to the
general reader, as well as the economist. It should be mandated as
required reading for all public policy analysts and politicians.' -
Greg Bailey, La Trobe University, AustraliaThe Costs and Benefits
of Environmental Regulation presents a thorough investigation into
environmental regulation, its economic and financial effects and
the associated costs and benefits. A variety of issues, pertaining
to regulation in general and environmental regulation in
particular, are examined. These issues include the theories of
regulation and how it is viewed in terms of the free market
doctrine, forms of regulation, command-and-control regulation as
opposed to market-based regulation and the cost-benefit analysis of
environmental regulation. The authors present an extensive survey
of the empirical evidence on the determinants of environmental
performance as well as the effects of environmental regulation on
the costs of production, plant location, firm-level productivity,
stock prices and returns, profitability, market value, financial
risk, employment, competitiveness, international trade, aggregate
output and aggregate productivity. The authors conclude that it is
essential to allocate appropriate funds to combat the environmental
damage we are inflicting on the planet. Presenting a comprehensive
survey of the costs, benefits and effects of environmental
regulation and written mostly in simple language that is accessible
to the non-specialist, the book will prove an essential resource
for academics, research students and policy makers in the fields of
environmental regulation and economics. Contents: Preface 1.
Regulation: Definition and Classification 2. Regulation and the
Free Market Doctrine 3. Theories of Regulation 4. Environmental
Regulation: Some Basic Issues 5. Cost-Benefit Analysis:
Identification of Costs and Benefits 6. The Cost-Benefit Analysis
Debate 7. The Microeconomic Effects of Environmental Regulation 8.
The Financial Effects of Environmental Regulation 9. The
Macroeconomic Effects of Environmental Regulation: Employment,
Trade and Competitiveness 10. The Macroeconomic Effects of
Environmental Regulation: Aggregate Output and Productivity 11.
Environmental Regulation in Australia: The Failure of 'Wax and
Wane' Policies 12. Environmental Regulation in China: A Life-Saving
Mechanism in a Pollution Haven 13. Summary and Concluding Remarks
Appendix to Chapter 13 References Index
General
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