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Economy and Environment : A Theoretical Essay on the Interdependence of Economic and Environmental Systems - Charles Perrings

Economy and Environment

A Theoretical Essay on the Interdependence of Economic and Environmental Systems

Hardcover Published: 25th September 1987
ISBN: 9780521340816
Number Of Pages: 196

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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 economice. 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.

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"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

Notation guide
The Physical Economy-Environment System
Closed physical systems: a model
Structure and time in the physical system
Technological change and the environmental constraints to physical growth
The Economic System
The price system
Prices, property, and the environment
Economic conflict and environmental change
Environmental Strategies in an Evolutionary Economy-Environment System
Time, uncertainty, and external effects
The market solution
The stationary state
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521340816
ISBN-10: 0521340810
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 196
Published: 25th September 1987
Country of Publication: GB
Dimensions (cm): 22.86 x 15.24  x 1.42
Weight (kg): 0.46