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Can the Market Take Care of the Environment? (What the Literature Says about Marketable Permits)

Author

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  • Arianto A. Patunru

    (Researcher, Institute for Economic and Social Research, Faculty of Economics University of Indonesia, Jakarta)

Abstract

The key objective of this paper is to bring about the notion of “marketable permits” into consideration in Indonesian academic and policy-level discourse on environmental issues. It shows how economics has evolved in its mission to find a way around preserving the environment while ensuring economic activities. As an alternative to the more traditional yet widely adopted, “command-and-control” approach, economists have offered a relatively new approach, namely “tradable marketable permits”. It is another alternative from the “market” approach, previously represented by the “tax and/or subsidy” approach. This paper focuses on the marketable permits. In particular, it summarizes the recent development in the field with a hope to provide a fruitful alternative to help solve the problem in Indonesia. Nevertheless, some caveats are discussed.

Suggested Citation

  • Arianto A. Patunru, 2004. "Can the Market Take Care of the Environment? (What the Literature Says about Marketable Permits)," Economics and Finance in Indonesia, Faculty of Economics and Business, University of Indonesia, vol. 52, pages 263-278, December.
    • Handle: RePEc:lpe:efijnl:200413
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    Keywords

    Marketable permits-Imperfect market-Environmental issue;

    JEL classification:

    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy
    • Q59 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Other

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