Cambridge Catalogue  
  • Your account
  • View basket
  • Help
Home > Catalogue > Economy and Environment
Economy and Environment
Google Book Search

Search this book


  • Page extent: 196 pages
  • Size: 234 x 156 mm
  • Weight: 0.46 kg

Library of Congress

  • Dewey number: 333.7
  • Dewey version: 19
  • LC Classification: HD75.6 .P47 1987
  • LC Subject headings:
    • Economic development--Environmental aspects

Library of Congress Record

Add to basket


 (ISBN-13: 9780521340816 | ISBN-10: 0521340810)

DOI: 10.2277/0521340810

Manufactured on demand: supplied direct from the printer

 (Stock level updated: 17:00 GMT, 08 October 2015)


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.


Preface; Notation guide; 1. Introduction; Part I. The Physical Economy-Environment System: 2. Closed physical systems: a model; 3. Structure and time in the physical system; 4. Technological change and the environmental constraints to physical growth; Part II. The Economic System: 5. The price system; 6. Prices, property, and the environment; 7. Economic conflict and environmental change; Part III. Environmental Strategies in an Evolutionary Economy-Environment System: 8. Time, uncertainty, and external effects; 9. The market solution; 10. The stationary state; 11. Conclusions; References; Index.

printer iconPrinter friendly version AddThis