Marketing the Environment

Paper Summary:

Environmental policy is a highly contentious issue with unlimited constraining factors to contend with. Environmental issues continue to grapple with economic imperatives for policy superiority. This paper examines how the options available for managing environmental resources tend to volley between increasing regulatory frameworks or adopting a market based approach. The two options are explored along with examples of success or failure.

From the Paper:

"Perhaps the most famous instance of using taxes to combat environmental problems is the case of The Tragedy of the Commons. Believing that pollution was the result of over population Garrett Hardin (1968) proposed a market response to rectify the problem whereby The Tragedy of the Commons could only be avoided by enforcing laws or taxes that would hold the commons accountable for their own actions. The primary goal was to make the treatment of pollutants cheaper than the mere disposal of them, at the heart of this was the notion of private property which in theory was supposed to deter people from damaging their own property by over grazing. In practice however Hardin's (1968) theory in his own words tends to 'favour pollution'. "

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