Query: The costs of emissions regulations, which will be paid by everyone, will be punishingly high and will provide no benefits to most people anywhere in the world.

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Environmental economics <=SEP=> Environmental economics is a sub-field of economics that is concerned with environmental issues . Quoting from the National Bureau of Economic Research Environmental Economics program :   -LSB- ... -RSB- Environmental Economics -LSB- ... -RSB- undertakes theoretical or empirical studies of the economic effects of national or local environmental policies around the world -LSB- ... -RSB- . Particular issues include the costs and benefits of alternative environmental policies to deal with air pollution , water quality , toxic substances , solid waste , and global warming .   Environmental economics is distinguished from ecological economics in that ecological economics emphasizes the economy as a subsystem of the ecosystem with its focus upon preserving natural capital . One survey of German economists found that ecological and environmental economics are different schools of economic thought , with ecological economists emphasizing `` strong '' sustainability and rejecting the proposition that natural capital can be substituted by human-made capital .

United Kingdom enterprise law <=SEP=> United Kingdom enterprise law concerns the ownership , regulation and potentially competition in the provision of public services , private or mutual companies in the United Kingdom .

Net metering <=SEP=> Net metering ( or net energy metering , NEM ) allows consumers who generate some or all of their own electricity to use that electricity anytime , instead of when it is generated . This is particularly important with wind and solar , which are non-dispatchable . Monthly net metering allows consumers to use solar power generated during the day at night , or wind from a windy day later in the month . Annual net metering rolls over a net kilowatt credit to the following month , allowing solar power that was generated in July to be used in December , or wind power from March in August .   Net metering policies can vary significantly by country and by state or province : if net metering is available , if and how long banked credits can be retained , and how much the credits are worth ( retail/wholesale ) . Most net metering laws involve monthly roll over of kWh credits , a small monthly connection fee , require monthly payment of deficits ( i.e. normal electric bill ) , and annual settlement of any residual credit . Unlike a feed-in tariff ( FIT ) , which requires two meters , net metering uses a single , bi-directional meter and can measure current flowing in two directions .  Net metering can be implemented solely as an accounting procedure , and requires no special metering , or even any prior arrangement or notification .   Net metering is an enabling policy designed to foster private investment in renewable energy .

Market failure <=SEP=> In economics , market failure is a situation in which the allocation of goods and services is not efficient . That is , there exists another conceivable outcome where an individual may be made better-off without making someone else worse-off . Market failures can be viewed as scenarios where individuals ' pursuit of pure self-interest leads to results that are not efficient -- that can be improved upon from the societal point of view . The first known use of the term by economists was in 1958 , but the concept has been traced back to the Victorian philosopher Henry Sidgwick .   Market failures are often associated with time-inconsistent preferences , information asymmetries , non-competitive markets , principal -- agent problems , externalities , or public goods , thus existence of a market failure is often the reason that self-regulatory organizations , governments or supra-national institutions intervene in a particular market . Economists , especially microeconomists , are often concerned with the causes of market failure and possible means of correction . Such analysis plays an important role in many types of public policy decisions and studies . However , government policy interventions , such as taxes , subsidies , bailouts , wage and price controls , and regulations ( including poorly implemented attempts to correct market failure ) , may also lead to an inefficient allocation of resources , sometimes called government failure .   Given the tension between , on the one hand , the undeniable costs to society caused by market failure , and on the other hand , the potential that attempts to mitigate these costs could lead to even greater costs from `` government failure '' , there is sometimes a choice between imperfect outcomes , i.e. imperfect market outcomes with or without government interventions . But either way , if a market failure exists the outcome is not Pareto efficient . Most mainstream economists believe that there are circumstances ( like building codes or endangered species ) in which it is possible for government or other organizations to improve the inefficient market outcome . Several heterodox schools of thought disagree with this as a matter of principle .   An ecological market failure exists when human activity in a market economy is exhausting critical non-renewable resources , disrupting fragile ecosystems services , or overloading biospheric waste absorption capacities . In none of these cases does the criterion of Pareto efficiency obtain .