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Nature's wages: A factor-based alternative approach to environment-economy integration

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  • Russell William Houldin

Abstract

Following the popularization of the term “sustainable development”, a large literature on environment-economy integration has emerged, almost all of which addresses the output side of the economy, emphasizing Pigovian taxes or Coasian reassignment of property rights. The idea is advanced of treating environment as a factor of production under an explicit analogy with Labor. Implementation of the concept would be through a negotiated “Environmental Service Charge” (ESC). A simple mathematical model is developed to show that under certain circumstances the welfare properties of the factor approach are equivalent to Pigovian taxes. These circumstances do arise in an important set of practical situations and it is further argued that often the ESC approach has significant administrative advantages.

Suggested Citation

  • Russell William Houldin, 2000. "Nature's wages: A factor-based alternative approach to environment-economy integration," New Zealand Economic Papers, Taylor & Francis Journals, vol. 34(1), pages 111-128.
    • Handle: RePEc:taf:nzecpp:v:34:y:2000:i:1:p:111-128
    DOI: 10.1080/00779950009544318
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    References listed on IDEAS

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    1. Baumol,William J. & Oates,Wallace E., 1988. "The Theory of Environmental Policy," Cambridge Books, Cambridge University Press, number 9780521322249.
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