Markets and the Environment is a concise yet comprehensive introduction to a topic of central importance in understanding a wide range of environmental issues and policy approaches. It offers a clear overview of the fundamentals of environmental economics that will enable students and professionals to quickly grasp important concepts and to apply those concepts to real-world environmental problems. In addition, the book integrates normative, policy, and institutional issues at a principles level. Chapters examine: the benefits and costs of environmental protection, markets and market failure, natural resources as capital assets, and sustainability and economic development. Markets and the Environment is the second volume in the Foundations of Contemporary Environmental Studies Series, edited by James Gustave Speth. The series presents concise guides to essential subjects in the environmental curriculum, incorporating a problem-based approach to teaching and learning.
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Nathaniel Keohane is assistant professor of economics at the Yale School of Management.
Sheila M. Olmstead is assistant professor of environmental economics at the Yale School of Forestry and Environmental Studies.Review:
"Two of the world's leading young environmental economists offer a concise, balanced, and highly accessible treatment of one of the most dynamic fields of contemporary scholarship. Here is a book that will serve both as a superb text for an introductory course and an entertaining and effective introduction for a solo reader who wishes to learn about this growing field of inquiry."
(Robert N. Stavins Albert Pratt Professor of Business and Government, Harvard University)
"Succinct and well-written...Covers the material with admirable clarity, pertinent examples, and readily available analytics."
(Barry C. Field author of Environmental Economics: An Introduction)
"Offers readers a seamless integration of static and dynamic economic insights for environmental and resources problems; an eminently readable explanation for why economics is central to designing sustainable environmental policies; and a template for understanding the front page environmental issues in the news daily. This is the freshest new textbook we have had in the field of environmental and resource economics for some time."
(V. Kerry Smith W. P. Carey Professor of Economics, Arizona State University)
"Provides a concise introduction to the economic theory of environmental policy and natural resource management."
(Journal of Economic Literature)
"The niche for this work lies in its emphasis on market intervention in the environment, and Keohane and Olmstead (both Yale) provide an excellent argument for why an economist deserves a seat at the environmental policy table."
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