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Environmental protection: protect all versus protect wisely

In: Buddha, Wisdom and Economics

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One of the major side effects of economic development is environmental pollution. Air pollution, water pollution, and toxic/hazardous substances harm the health of people and natural systems. Is zero pollution the best way for the society and citizens? The answer is no in many cases, for example, if the cost of achieving zero pollution is too high for the citizens. This chapter explains how the society should deal with the pollution problem. In many local pollution problems, a mutual negotiation between polluters and victims is possible. However, in a large-scale air or water pollution problem, it is more efficient for the government to intervene to address the problem. A governmental policy, however, is more efficient when it relies on a market-based policy instrument such as a price system for a ton of emissions or an emissions allowance trading system.

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  • ., 2024. "Environmental protection: protect all versus protect wisely," Chapters, in: Buddha, Wisdom and Economics, chapter 9, pages 128-144, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21858_9
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    File URL: https://www.elgaronline.com/doi/10.4337/9781803929330.00016
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    Keywords

    Development Studies; Economics and Finance;

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