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Full Description
Enables students to understand and shape environmental policy through economics
Economics and the Environment equips students with a structured and insightful approach to examining critical questions at the heart of contemporary policy and sustainability debates through the lens of economics. Empowering students to evaluate real-world issues while building a strong foundation in environmental economics, this popular textbook explores critical questions such as "How much pollution is too much?" and "Is the government up to the job?"
The fully updated tenth edition of Economics and the Environment combines theoretical rigor with practical application, employing case studies, illustrative examples, and end-of-chapter exercises that enhance understanding and retention. Each concise chapter is designed to foster critical thinking, covering topics including pollution control, government policy, clean technology, and sustainable development. Throughout the text, students are encouraged to consider economic incentives, ethical implications, and the role of global cooperation in the context of pressing environmental issues.
A vital tool for analyzing and addressing environmental issues in today's world, Economics and the Environment, Tenth Edition is perfect for undergraduate and graduate courses on environmental economics, policy analysis, and sustainable development within economics, business, and environmental studies programs.
New to this Edition:
New discussions on climate change, resource economics, and energy policy
New coverage of the implications of rapidly declining costs for solar power, battery storage, and electric vehicles
Up-to-date Social Cost of Carbon (SCC) estimates with the latest high-impact figures currently used in policy analysis
Insights on the 2022 Inflation Reduction Act (IRA) and its technology-promotion strategies
New analysis of the potential for a disruptive energy technology transition in the 2020s
Revised content on "peak oil" centered on a demand-side peak rather than a supply-side peak
Expanded coverage of the shifting regulatory environment at the Environmental Protection Agency
Fully revised chapters on valuation of the environment and cost-benefit analysis
New and updated data, examples, figures, and review questions throughout the text
Wiley Advantage:
Presents the latest debates, standards, and regulations to provide an engaging and relevant experience for students and instructors alike
Frames complex environmental issues through a unique four-question approach that strengthens critical thinking
Emphasizes sustainability and ecological economics with a focus on strong sustainability principles
Offers diverse perspectives on government roles and limitations in environmental regulation
Highlights ethical foundations of environmental decision-making to support deeper discussions on policy impacts
Explores ecological economic critiques of economic growth to prepare students for advanced environmental discussions
Presents a rigorous approach to efficient pollution control, benefit-estimation procedures, and incentive-based regulation techniques
Contents
Preface ix
1 Four Economic Questions About Climate Change 1
1.1 Introduction 1
1.2 Four Questions 2
1.3 How Much Pollution Is Too Much? 5
1.4 Is Government Up to the Job? 9
1.5 How Can We Do Better? 9
1.6 Can We Resolve Global Issues? 12
1.7 Summary 13
Part I How Much Pollution Is Too Much?
2 Ethics and Economics 19
2.1 Introduction 19
2.2 Utility and Utilitarianism 20
2.3 Social Welfare 22
2.4 Summary 24
3 Pollution and Resource Degradation as Externalities 27
3.1 Introduction 27
3.2 The Open- Access Problem 29
3.3 The Public Goods Problem 32
3.4 Is Sustainable Business a Solution? 35
3.5 Summary 36
4 The Efficiency Standard 40
4.1 Introduction 40
4.2 Efficiency Defined 40
4.3 Efficient Pollution Levels 43
4.4 Marginals and Totals 46
4.5 The Coase Theorem Introduced 47
4.6 Air Pollution Control in Baltimore: Calculating the Efficient Standard 48
4.7 The Ethical Basis of the Efficiency Standard 50
4.8 Real- World Benefit-Cost Analysis 51
4.9 Summary 54
5 Measuring the Benefits of Environmental Protection 63
5.1 Introduction 63
5.2 Use, Option, and Existence Value: Types of Nonmarket Benefits 64
5.3 Consumer Surplus, WTP, and WTA: Measuring Benefits 65
5.4 Risk and the Value of Statistical Life 67
5.5 Revealed Preference I: Hedonic Regression 72
5.6 Revealed Preference II: Travel Cost 73
5.7 Revealed Preference III: Defensive Expenditures 75
5.8 Stated Preference: Contingent Valuation 76
5.9 Summary 81
Appendix 5A: WTA and WTP Redux 86
5A.1 An Indifference Curve Analysis 86
5A.2 The Endowment Effect or Substitutability? 88
6 Measuring the Costs of Environmental Protection 90
6.1 Introduction 90
6.2 Direct Costs of Environmental Regulation 91
6.3 Opportunity Costs of Environmental Regulation: Productivity 93
6.4 Opportunity Costs of Environmental Regulation: Employment 95
6.5 General Equilibrium Effects and the Double Dividend 101
6.6 A Final Look at Benefit-Cost Analysis 102
6.7 Summary 105
7 The Safety Standard 109
7.1 Introduction 109
7.2 Defining the Right to Safety 110
7.3 The Safety Standard: Inefficient 112
7.4 The Safety Standard: Not Cost- Effective 113
7.5 The Safety Standard: Environmental Justice or Regressive Impact? 114
7.6 Siting Hazardous Waste Facilities: Safety versus Efficiency 116
7.7 Summary 119
8 The Sustainability Standard 123
8.1 Introduction 123
8.2 Sustainability: Neoclassical and Ecological Approaches 124
8.3 Future Benefits, Costs, and Discounting 127
8.4 An Example of Discounting: Light Bulbs 129
8.5 Savings, Investment, and Market Interest Rates 130
8.6 The Social Discount Rate and Dynamic Efficiency 131
8.7 Discounting Climate Change 134
8.8 Ecological Economics, Strong Sustainability, and the Precautionary Principle 136
8.9 Strong Sustainability in Practice: Endangered Species, EIS, and Reach 137
8.10 Summary 139
9 Measuring Sustainability 143
9.1 Introduction 143
9.2 Malthus and Ecological Economics 144
9.3 Modern Debates: Limits to Growth and Planetary Boundaries 146
9.4 Measuring Strong Sustainability: Impacts and Footprints 148
9.5 Measuring Weak Sustainability: Net National Welfare and Inclusive Wealth 152
9.6 Natural Capital Depreciation 156
9.7 Are We Achieving Sustainability? 158
9.8 Discounting, Sustainability, and Investing for the Future 162
9.9 The Ecological-Neoclassical Debate in Context 164
9.10 Summary 165
10 Natural Resources and Ecosystem Services 171
10.1 Introduction 171
10.2 Nonrenewable Resources and the Hotelling Model 172
10.3 Testing the Nonrenewable Resource Model 178
10.4 The Roller Coaster Ride of Oil Prices 179
10.5 Peak Oil? 180
10.6 Renewable Resources 182
10.7 Renewable Resource Policy: Fisheries and Endangered Species 186
10.8 Ecosystem Services and Natural Capital 189
10.9 Summary 192
11 Is More Really Better? Consumption, Welfare, and Behavior 197
11.1 Introduction 197
11.2 Money and Happiness 198
11.3 Social Norms and the Rat Race 199
11.4 Positional Goods and Consumption Externalities 202
11.5 Welfare with Social Consumption 203
11.6 Overconsumption Policy Solutions 205
11.7 Behavioral Economics and Behavior Change 208
11.8 Summary 209
Part II Is Government Up to the Job?
12 The Political Economy of Environmental Regulation 215
12.1 Introduction 215
12.2 The Process of Environmental Regulation 216
12.3 Regulation under Imperfect Information 218
12.4 Bureaucratic Discretion and Political Influence 219
12.5 The Influence Game: Pre- 2016 221
12.6 The End of the Bipartisan Consensus 224
12.7 Better Information, More Democracy 229
12.8 Summary 231
13 An Overview of Environmental Legislation 235
13.1 Introduction 235
13.2 Cleaning the Air 236
13.3 The Clean Air Act and Climate Change 239
13.4 Fishable and Swimmable Waters 242
13.5 Hazardous Waste Disposal on Land 243
13.6 Chemicals and Pesticides 246
13.7 Endangered Species Protection 249
13.8 Summary 251
14 The Regulatory Record: Achievements and Obstacles 254
14.1 Introduction 254
14.2 Accomplishments of Environmental Regulation 254
14.3 Monitoring and Enforcement: Political Constraints 258
14.4 The Appeal of Incentive- Based Regulation 261
14.5 Beyond Regulation? Promoting Clean Technology 262
14.6 Summary 264
Part III How Can We Do Better?
15 Incentive- Based Regulation: Theory 271
15.1 Introduction 271
15.2 The Cost- Effectiveness Rule 272
15.3 IB Regulation and Cost- Effectiveness 275
15.4 IB Regulation and Technological Progress 278
15.5 Potential Problems with IB Regulation 279
15.6 Summary 285
Appendix 15A: Imperfect Regulation in an Uncertain World 288
15A.1 Minimizing the Costs of Being Wrong 289
15A.2 An Application to Greenhouse Gas Emissions 291
15A.3 Summary 292
Appendix 15B: Incentive- Compatible Regulation 293
15B.1 Incentives to Lie 293
15B.2 Incentives to Tell the Truth 295
15B.3 Summary 297
16 Incentive- Based Regulation: Practice 298
16.1 Introduction 298
16.2 Lead and Chlorofluorocarbons 299
16.3 Trading Urban Air Pollutants 299
16.4 Marketable Permits and Acid Rain 303
16.5 Carbon Trading in the Northeast and California 306
16.6 Two Failed U.S. Efforts: Mercury and Carbon 309
16.7 The European Emissions Trading System 311
16.8 Pollution Taxes and Their Relatives 313
16.9 Summary 317
17 Promoting Clean Technology: Theory 321
17.1 Introduction 321
17.2 Path Dependence and Clean Technology 322
17.3 Clean Technology Defined 323
17.4 If You're So Smart, Why Aren't You Rich? 326
17.5 Picking the Winning Path 329
17.6 Promoting Early- Stage Clean Technologies 331
17.7 Promoting Late- Stage Clean Technologies 333
17.8 Clean Technology: Two Case Studies 336
17.9 Summary 341
18 Energy Policy and the Future 347
18.1 Introduction 347
18.2 Technology Options: Electricity and Heat 348
18.3 Policy Options: Electricity and Heat 357
18.4 Technology Options: Transport 361
18.5 Policy Options: Transport 365
18.6 Summary 370
Part IV How Can We Solve Global Challenges?
19 Poverty, Population, and the Environment 375
19.1 Introduction 375
19.2 Poverty and the Environment 377
19.3 The Population Picture in Perspective 380
19.4 An Economic Approach to Family Size 382
19.5 Controlling Population Growth 383
19.6 Consumption and the Global Environment 387
19.7 Envisioning a Sustainable Future 389
19.8 Summary 391
20 Environmental Policy in Low- Income Countries 394
20.1 Introduction 394
20.2 The Political Economy of Sustainable Development 394
20.3 Ending Environmentally Damaging Subsidies 397
20.4 Establishing and Enforcing Property Rights 398
20.5 Regulatory Approaches 401
20.6 Sustainable Technology: Development and Transfer 405
20.7 Resource Conservation and Debt Relief 407
20.8 Trade and the Environment 412
20.9 Summary 416
21 The Economics of Global Agreements 420
21.1 Introduction 420
21.2 Agreements as Public Goods 421
21.3 Monitoring and Enforcement 422
21.4 The Ozone Layer and Biodiversity 424
21.5 Stopping Global Warming: Theory 427
21.6 Stopping Global Warming: Reality 429
21.7 Summary 432
Selected Websites for Environmental and Natural Resource Economists 437
Index I- 1
