Environmental Markets explains the prospects of using markets to improve environmental quality and resource conservation. No other book focuses on a property rights approach using environmental markets to solve environmental problems. This book compares standard approaches to these problems using governmental management, regulation, taxation, and subsidization with a market-based property rights approach. This approach is applied to land, water, wildlife, fisheries, and air and is compared to governmental solutions. The book concludes by discussing tougher environmental problems such as ocean fisheries and the global atmosphere, emphasizing that neither governmental nor market solutions are a panacea.- Environmental Markets is the inaugural book in Cambridge Studies in Economics, Choice, and Society, a new interdisciplinary series of theoretical and empirical research focusing on individual choice, institutions, and social outcomes, edited by Peter J. Boettke and Timur Kuran.
- Buy now at Cambridge University Press.
-
Reviews
Two of the world’s leading scholars on property rights and the environment offer a timely reminder that government is not always an effective steward of natural resources when markets fail at this task, and offer a rich review of the myriad creative ways in which market forces can be harnessed to improve environmental quality. The book’’s fresh perspective on the question of how best to solve problems ranging from climate change to overfishing reminds economists and their students to “look before they leap”, with regulation as a solution.
— Sheila M. Olmstead
University of Texas, AustinTwo of the economics profession’s leading lights logically demolish the fallacy that only government action can protect the environment. In its place, they build a rock-solid, readily understandable case for a property-rights–market-based alternative approach. Their wealth of experience shines through in the case-study evidence used to reinforce their arguments.
— Jeff Bennett
Australian National UniversityEnvironmental Markets reminds us to identify the root causes of environmental problems before prescribing solutions. Often it is not failing markets but missing markets that are the problem. The authors’ numerous examples are compelling. This book will serve as a guidepost for economists and other analysts proposing policy solutions to the difficult environmental problems we face today.
— Margaret Walls
Research Director and Senior Fellow, Resources for the Future
Related Content
Private Land Stewardship is the Next Frontier of Conservation and a Critical Component to Achieving 30 by 30
Brian YablonskiBrian Yablonski testifies before the U.S. House Natural Resources Committee Forum on the 30 by 30 Initiative.
Supporting Property Rights for Conservation Nonprofits
Hannah DowneyBut there is no reason for believers in individual liberty, property rights, and free markets to abandon the defense of those values when a conservation group’s rights are at stake.
Improving America’s Ecological Security Requires Public-Private Partnerships
Catherine E. SemcerEfforts like the 30 by 30 initiative have the best chance of delivering the kind of conservation America needs when the government engages with the private sector as an equal partner.
Property Rights are Fundamental to a Free Society—and to Conservation
Jonathan Wood, Brian YablonskiAn attack on conservationists’ rights threaten protections for all of us and to further politicize the environment.
President Biden’s Eco-Moonshot Should Use Markets, Not Mandates
Brian YablonskiThe Biden administration should come out strongly against the use of regulations or restrictive designations on private lands to reach its target of 30 by 30.
Free Market Environmentalism and the Tragedy of the Commons
Holly FretwellA podcast on the role of markets in producing good environmental outcomes.