Markets and the Environment 2nd Edition by Nathaniel Keohane, Sheila Olmstead – Ebook PDF Instant Download/Delivery: 1610916077, 9781610916073
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ISBN 10: 1610916077
ISBN 13: 9781610916073
Author: Nathaniel O. Keohane; Sheila M. Olmstead
A clear grasp of economics is essential to understanding why environmental problems arise and how we can address them. So it is with good reason that Markets and the Environment has become a classic text in environmental studies since its first publication in 2007. Now thoroughly revised with updated information on current environmental policy and real-world examples of market-based instruments, the primer is more relevant than ever. The authors provide a concise yet thorough introduction to the economic theory of environmental policy and natural resource management. They begin with an overview of environmental economics before exploring topics including cost-benefit analysis, market failures and successes, and economic growth and sustainability. Readers of the first edition will notice new analysis of cost estimation as well as specific market instruments, including municipal water pricing and waste disposal. Particular attention is paid to behavioral economics and cap-and-trade programs for carbon. Throughout, Markets and the Environment is written in an accessible, student-friendly style. It includes study questions for each chapter, as well as clear figures and relatable text boxes. The authors have long understood the need for a book to bridge the gap between short articles on environmental economics and tomes filled with complex algebra. Markets and the Environment makes clear how economics influences policy, the world around us, and our own lives.
Markets and the Environment 2nd Table of contents:
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
Conclusion
Chapter 3: The Benefits and Costs of Environmental Protection
Measuring Costs
Evaluating the Benefits
Benefit–Cost Analysis
Conclusion
Chapter 4: The Efficiency of Markets
Competitive Market Equilibrium
The Efficiency of Competitive Markets
Conclusion
Chapter 5: Market Failures in the Environmental Realm
Externalities
Public Goods
The Tragedy of the Commons
Conclusion
Chapter 6: Managing Stocks: Natural Resources as Capital Assets
Economic Scarcity
Efficient Extraction in Two Periods
A Closer Look at the Efficient Extraction Path
What about Market Power?
The Critical Role of Property Rights
Conclusion
Chapter 7: Stocks That Grow: The Economics of Renewable Resource Management
Economics of Forest Resources
Fisheries
Conclusion
Chapter 8: Principles of Market-Based Environmental Policy
The Coase Theorem
The Array of Policy Instruments
How Market-Based Policies Can Overcome Market Failure
Raising Revenues
Setting Prices versus Setting Quantities
Conclusion
Chapter 9: The Case for Market-Based Instruments in the Real World
Reducing Costs
Promoting Technological Change
Market-Based Instruments for Managing Natural Resources
Other Considerations
Conclusion
Chapter 10: Market-Based Instruments in Practice
The U.S. Sulfur Dioxide Market
Individual Tradable Quotas for Fishing in New Zealand
Municipal Water Pricing
The European Union’s Emissions Trading System
Water Quality Trading
Waste Management: “Pay as You Throw”
Habitat and Land Management
Conclusion
Chapter 11: Sustainability and Economic Growth
Limits to Growth?
Sustainability, in Economic Terms
Keeping Track: Green Accounting
Are Economic Growth and Sustainability Compatible?
Conclusion
Chapter 12: Conclusion
What Does Economics Imply for Environmental Policy?
The Roles of Firms, Consumers, and Governments
Some Final Thoughts
Discussion Questions
References
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