ENVIRONMENTAL POLICY (draft prepared for the Encyclopedia of Energy Engineering)
نویسنده
چکیده
When economic activity leads to pollution and over-use of common property resources, government intervention can improve social welfare. Pollution involves a market failure in which damages caused by a producer or consumer are imposed on third parties. These damages can involve personal health, physical deterioration of buildings, and foregone options for the future. Of course, if transactions costs are low, those causing pollution damages could be taken to court if the liability rules are clear. Common property resources present similar problems, such as losing unique ecological habitats, endangering particular species, or destroying valued scenic vistas. Since there may not be clear property rights to such elements of the environment, these common property resources can be overutilized. Identifying the pollution sources and determining the extent of the environmental protection can be problematic, so environmental laws are generally passed to address these market failures. In both cases, determining the benefits and costs of alternative policies can be a contentious exercise.
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