Economy and Environment: A Theoretical Essay on the Interdependence of Economic and Environmental Systems...

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Charles Perrings (University of Auckland)

Economy and Environment

A Theoretical Essay on the Interdependence of Economic and Environmental Systems

Charles Perrings (University of Auckland)

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English

Cambridge University Press
20 March 2006

Economics & Business; Environmental economics; Environmental science, engineering & technology

Environmental external effects are evidence of the inability of market prices to reflect the interdependence of economic activities undertaken within a common environment. They are an essential - not a peripheral - feature of all market economics. This essay shows how external effects are produced by the interaction of the economy with its environment, using a classical mass-balance model. No matter how efficient the market may seem to be, the use of market prices to determine depletion and pollution decisions creates more problems than it solves. Far from sharing the stable or relatively stable equilibrium properties of most economic models, the market economy is shown to be forced by its environment through a seemingly chaotic sequence of states. Reliance on the market to accommodate each change of direction merely exaggerates the general instability of the system. The 'market solution' to environmental problems is shown to generate only increasing uncertainty, a progressive myopia, and a heightened risk of conflict.

By: Charles Perrings (University of Auckland)
Imprint: Cambridge University Press
Country of Publication: United Kingdom
Dimensions: Height: 228mm, Width: 153mm, Spine: 7mm
Weight: 304g
ISBN: 9780521020763
ISBN 10: 052102076X
Pages: 196
Publication Date: 20 March 2006
Audience: Professional and scholarly , Undergraduate
Format: Paperback
Publisher's Status: Active

Reviews for Economy and Environment: A Theoretical Essay on the Interdependence of Economic and Environmental Systems

The journal is attractively produced and contains both applied and theoretical papers and a policy forum section in each of the first year's issues...the journal deserves a place on the library shelves of universities and government ministries of planning and resources. Neil Adger, Nature