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Free Market for the Environment

Author

Listed:
  • Brown, Clare

    (Loyola University New Orleans)

  • Block Walter E.

    (Loyola University New Orleans)

Abstract

The tragedy of the commons is responsible for many, if not all, of the environmental problems concerning natural resource preservation that we face in modern society. The tragedy of the commons describes a situation in which resources held “in common”, namely, public resources, are depleted or mistreated by collective action. Basically it means lack of private ownership and almost inevitably leads to a misallocation of resources. And yet, the predominating kinds of solutions proposed to solve these problems involve increased government regulation—effectively expanding the scope of the very tragedy of the commons which lies at the heart of the problem in the first place. The present paper advocates an alternative: free market environmentalism. It is not a contradiction in terms, despite how that phrase sounds to the modern ear. In this paper we attempt to demonstrate that laissez-faire capitalism is our last best hope for protecting the environment. Free market environmentalism centers around private property rights and thus a decentralization of environmental decision-making. Effective choices made about scarce resources must be based upon free market price signals and incentives. The lack of laissez-faire capitalism applied to earth’s natural resources distorts both of these indicators—causing poorly made and oftentimes destructive decisions. A free market solution to the environment creates the most value for society, allows for open and continuous entrepreneurial innovation, and economically empowers those who are the most environmentally vulnerable.

Suggested Citation

  • Brown, Clare & Block Walter E., 2019. "Free Market for the Environment," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 116-125, February.
  • Handle: RePEc:rnp:ecopol:ep1906
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    References listed on IDEAS

    as
    1. Culas, Richard J., 2007. "Deforestation and the environmental Kuznets curve: An institutional perspective," Ecological Economics, Elsevier, vol. 61(2-3), pages 429-437, March.
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    More about this item

    Keywords

    free enterprise; private property rights; environment;
    All these keywords.

    JEL classification:

    • Q00 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - General

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