An introduction to the economics of the environment, it provides
a coherent chain of theoretical and empirical reasoning on
environmental problems and measures to control them and reduce
their severity. It equips the reader with the basic tools needed to
assess the economic damage caused by materials discharged to air,
water, and other environmental media.
The all-new Chapter 2 in this edition makes the text more
accessible by applying the basic elements of microeconomics
analysis to environmental issues: supply and demand for ordinary
and environmental goods, emphasizing both similarities and
differences; also market failure, public goods, property rights,
the "free rider" problem, and externalities. A section on hazardous
substances has been added along with a discussion of the latest
environmental alternative reforms. The book now ends with a new
chapter on the prospects for environmental economics.
In Part I, the authors establish a theoretical base for the
material in subsequent sections. They review key elements of
microeconomic theory and extend them to include polluting
discharges. Principles of welfare economics, of market failure from
externalities, and of benefit-cost analysis receive careful
exposition. They are then applied to alternative government
programs such as effluent fees, subsidies, and regulation designed
to optimize resource allocation in the presence of
externalities.
Part II draws together technical data on water, air, and
solid-waste discharges. Sources, amounts, damages, abatement
techniques, and benefit-cost calculations are pollutants. The final
section deals with pollution-control programs now in effect,
proposals for new policies, and future role of environmental
economics.
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