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Paperback $22.50 ISBN: 9781597260473 Published June 2007


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Markets and the Environment

 Markets and the Environment
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Nathaniel O. Keohane and Sheila M. Olmstead

288 pages
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. Chapters examine: the benefits and costs of environmental protection, markets and market failure, natural resources as capital assets, and sustainability and economic development.
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.
"The niche for this work lies in its emphasis on market intervention in the environment, and Keohane and Olmstead (both Yale) provide an excellent argument for why an economist deserves a seat at the environmental policy table."

"Two of the world's leading young environmental economists offer a concise, balanced, and highly accessible treatment of one of the most dynamic fields of contemporary scholarship. Here is a book that will serve both as a superb text for an introductory course and an entertaining and effective introduction for a solo reader who wishes to learn about this growing field of inquiry."
Robert N. Stavins, Albert Pratt Professor of Business and Government, Harvard University

"Succinct and well-written...Covers the material with admirable clarity, pertinent examples, and readily available analytics."
Barry C. Field, author of Environmental Economics: An Introduction

"Offers readers a seamless integration of static and dynamic economic insights for environmental and resources problems; an eminently readable explanation for why economics is central to designing sustainable environmental policies; and a template for understanding the front page environmental issues in the news daily. This is the freshest new textbook we have had in the field of environmental and resource economics for some time."
V. Kerry Smith, W. P. Carey Professor of Economics, Arizona State University

"Provides a concise introduction to the economic theory of environmental policy and natural resource management."
Journal of Economic Literature

Chapter 1. Introduction
-Economics and the environment
-Global climate change
-Organization and content of this book
-What we hope readers will take away from this book
Chapter 2. Economic Efficiency and Environmental Protection
-Economic efficiency
-Efficiency and environmental policy
-Equating benefits and costs on the margin
-Dynamic efficiency and environmental policy
Chapter 3. The Benefits and Costs of Environmental Protection
-Measuring costs
-Evaluating the benefits
-Benefit-cost analysis
Chapter 4. The Efficiency of Markets
-Competitive market equilibrium
-The efficiency of competitive markets
Chapter 5. Market Failures in the Environmental Realm
-Public goods
-The tragedy of the commons
Chapter 6. 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
Chapter 7. Stocks that Grow: The Economics of Renewable Resource Management
-Economics of Forest Resources
Chapter 8. Principles of Market-based Environmental Policy
-Array of policy instruments
-Market-based policies can overcome market failure
-Is it preferable to set prices or quantities?
Chapter 9. The Case for Market-Based Instruments in the Real World
-Reducing costs
-Promoting technological change
-Marked-based instruments for managing natural resources
-Other considerations
Chapter 10. 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
Chapter 11. Sustainability and Economic Growth
-Limits to Growth?
-Sustainability, in Economic Terms
-Keeping Track: Green Accounting
-Are Economic Growth and Sustainability Compatible?
Chapter 12. Conclusion
-What does economics imply for environmental policy?
-The role of firms, consumers, and governments
-Some final thoughts
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