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Table of Contents 1. Introduction Economics and the environment Global climate change Organization and content of this book What we hope readers will take away from this book 2. Economic Efficiency and Environmental Protection Economic efficiency Efficiency and environmental policy Equating benefits and costs on the margin Dynamic efficiency and environmental policy Conclusion 3. The Benefits and Costs of Environmental Protection Measuring costs Evaluating the benefits Benefit-cost analysis Conclusion 4. The Efficiency of Markets Competitive market equilibrium The efficiency of competitive markets Conclusion 5. Market Failures in the Environmental Realm Externalities Public goods The tragedy of the commons Conclusions 6. Managing Stocks: Natural Resources as Capital Assets Economic scarcity Efficient extraction in two periods A closer look at the efficient extraction path The critical role of property rights Conclusion 7. Stocks that Grow: The Economics of Renewable Resource Management Economics of Forest Resources Fisheries Conclusion 8. Principles of Market-based Environmental Policy Array of policy instruments Market-based policies can overcome market failure Is it preferable to set prices or quantities? Conclusions 9 The Case for Market-Based Instruments in the Real World Reducing costs Promoting technological change Marked-based instruments for managing natural resources Other considerations Conclusions 10 Market Based Instruments in Practice The U.S. sulfur dioxide market Individual tradable quotas for fishing in New Zealand Municipal water pricing Water quality trading Waste management: ¿Pay as you throw¿ Habitat and land management Conclusions 11. Sustainability and Economic Growth Limits to Growth? Sustainability, in Economic Terms Keeping Track: Green Accounting Are Economic Growth and Sustainability Compatible? Conclusions 12. Conclusion What does economics imply for environmental policy? The role of firms, consumers, and governments Some final thoughts
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