Environmental Markets: A Property Rights Approach (Cambridge Studies in Economics, Choice, and Society)
"Two of the world's leading scholars on property rights and the environment offer a timely reminder that government is not always an effective steward of natural resources when markets fail at this task, and offer a rich review of the myriad creative ways in which market forces can be harnessed to improve environmental quality. The book''s fresh perspective on the question of how best to solve problems ranging from climate change to overfishing reminds economists and their students to "look before they leap", with regulation as a solution."Sheila M. Olmstead, University of Texas, Austin"Two of the economics profession's leading lights logically demolish the fallacy that only government action can protect the environment. In its place, they build a rock-solid, readily understandable case for a property-rights-market-based alternative approach. Their wealth of experience shines through in the case-study evidence used to reinforce their arguments."Jeff Bennett, Australian National University"Environmental Markets reminds us to identify the root causes of environmental problems before prescribing solutions. Often it is not failing markets but missing markets that are the problem. The authors' numerous examples are compelling. This book will serve as a guidepost for economists and other analysts proposing policy solutions to the difficult environmental problems we face today."Margaret Walls, Research Director and Senior Fellow, Resources for the Future