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A public‐good approach to environmental economy

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  • Jai‐Young Choi
  • Eden S.H. Yu

Abstract

This paper investigates the economic implications of environment in the 2 × 3 Heckscher–Ohlin model by expounding the multidimensional roles of the environment for the economy: as a public input used to produce goods and services; as a by‐product dependent on the composition of goods and services; and as a public good directly affecting social utility. It is shown that the sectoral environment‐output responses play a critical role for determining the economy's factor prices, outputs, employment, and welfare, and that, in a dynamically stable (unstable) environment, the optimal policy is free trade (a production tax‐cum‐subsidy scheme).

Suggested Citation

  • Jai‐Young Choi & Eden S.H. Yu, 2019. "A public‐good approach to environmental economy," International Journal of Economic Theory, The International Society for Economic Theory, vol. 15(3), pages 269-280, September.
    • Handle: RePEc:bla:ijethy:v:15:y:2019:i:3:p:269-280
    DOI: 10.1111/ijet.12170
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    Cited by:

    1. Ayman Nagi & Meike Schroeder & Wolfgang Kersten, 2021. "Risk Management in Seaports: A Community Analysis at the Port of Hamburg," Sustainability, MDPI, vol. 13(14), pages 1-20, July.

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