Economy and Environment

Economy and Environment

EnglishHardbackPrint on demand
Perrings Charles
Cambridge University Press
EAN: 9780521340816
Print on demand
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Detailed information

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.
EAN 9780521340816
ISBN 0521340810
Binding Hardback
Publisher Cambridge University Press
Publication date September 25, 1987
Pages 196
Language English
Dimensions 229 x 152 x 14
Country United Kingdom
Authors Perrings Charles