Jody Freeman and Charles D. Kolstad
- Published in print:
- 2006
- Published Online:
- January 2007
- ISBN:
- 9780195189650
- eISBN:
- 9780199783694
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195189650.001.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Over the last decade, market-based incentives have become the regulatory tool of choice when trying to solve difficult environmental problems. Evidence of their dominance can be seen in recent ...
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Over the last decade, market-based incentives have become the regulatory tool of choice when trying to solve difficult environmental problems. Evidence of their dominance can be seen in recent proposals for addressing global warming (through an emissions trading scheme in the Kyoto Protocol) and for amending the Clean Air Act (to add a new emissions trading systems for smog precursors and mercury — the Bush administration's “Clear Skies” program). They are widely viewed as more efficient than traditional command and control regulation. This collection of essays takes a critical look at this question, and evaluates whether the promises of market-based regulation have been fulfilled. Contributors put forth the ideas that few regulatory instruments are actually purely market-based, or purely prescriptive, and that both approaches can be systematically undermined by insufficiently careful design and by failures of monitoring and enforcement. All in all, the essays recommend future research that no longer pits one kind of approach against the other, but instead examines their interaction and compatibility. This book should appeal to academics in environmental economics and law, along with policymakers in government agencies and advocates in non-governmental organizations.Less
Over the last decade, market-based incentives have become the regulatory tool of choice when trying to solve difficult environmental problems. Evidence of their dominance can be seen in recent proposals for addressing global warming (through an emissions trading scheme in the Kyoto Protocol) and for amending the Clean Air Act (to add a new emissions trading systems for smog precursors and mercury — the Bush administration's “Clear Skies” program). They are widely viewed as more efficient than traditional command and control regulation. This collection of essays takes a critical look at this question, and evaluates whether the promises of market-based regulation have been fulfilled. Contributors put forth the ideas that few regulatory instruments are actually purely market-based, or purely prescriptive, and that both approaches can be systematically undermined by insufficiently careful design and by failures of monitoring and enforcement. All in all, the essays recommend future research that no longer pits one kind of approach against the other, but instead examines their interaction and compatibility. This book should appeal to academics in environmental economics and law, along with policymakers in government agencies and advocates in non-governmental organizations.
Hongli Feng, Catherine Kling, Lyubov Kurkalova, and Silvia Secchi
- Published in print:
- 2006
- Published Online:
- January 2007
- ISBN:
- 9780195189650
- eISBN:
- 9780199783694
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195189650.003.0009
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This essay studies a very large and important example of an environmental subsidy program — the Conservation Reserve Program (CRP). The CRP was introduced in 1985. It investigates how much less ...
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This essay studies a very large and important example of an environmental subsidy program — the Conservation Reserve Program (CRP). The CRP was introduced in 1985. It investigates how much less efficient, if any, a command-and-control (CAC) form of regulation would have been. That is, it seeks to assess the policy as implemented relative to a fundamentally different form of regulation — CAC. It then studies the ex post performance of this incentive-based instrument. In so doing, it provides information on the degree to which market-based incentive programs, as they have actually been implemented, have or have not lived up to the original optimism with which economists viewed such instruments.Less
This essay studies a very large and important example of an environmental subsidy program — the Conservation Reserve Program (CRP). The CRP was introduced in 1985. It investigates how much less efficient, if any, a command-and-control (CAC) form of regulation would have been. That is, it seeks to assess the policy as implemented relative to a fundamentally different form of regulation — CAC. It then studies the ex post performance of this incentive-based instrument. In so doing, it provides information on the degree to which market-based incentive programs, as they have actually been implemented, have or have not lived up to the original optimism with which economists viewed such instruments.
Eugenio Cusumano
- Published in print:
- 2011
- Published Online:
- May 2011
- ISBN:
- 9780199604555
- eISBN:
- 9780191725180
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199604555.003.0002
- Subject:
- Law, Public International Law, Human Rights and Immigration
Although the PMSI does not operate in a complete legal vacuum, its inherently transnational nature makes traditional state regulation insufficient. The governance of PMCSs is thus a complex endeavour ...
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Although the PMSI does not operate in a complete legal vacuum, its inherently transnational nature makes traditional state regulation insufficient. The governance of PMCSs is thus a complex endeavour involving a broader network of actors alongside states, such as international and non-governmental organizations, the industry and its private customers. To unravel the challenges posed by the PMSI, this chapter focuses on three questions. First, it analyses what to regulate, exploring the activities of PMSCs and the dynamics of the market where they operate. It then concentrates on why the market should be regulated by drawing on the literature on civil-military relations and democratic control over the use of force. Finally, it focuses on how to regulate, analysing the potential of a combined approach based on legal regulation, market incentives, and strengthened self-regulation. It looks at the challenges and opportunities for regulation at the national, international, and EU level.Less
Although the PMSI does not operate in a complete legal vacuum, its inherently transnational nature makes traditional state regulation insufficient. The governance of PMCSs is thus a complex endeavour involving a broader network of actors alongside states, such as international and non-governmental organizations, the industry and its private customers. To unravel the challenges posed by the PMSI, this chapter focuses on three questions. First, it analyses what to regulate, exploring the activities of PMSCs and the dynamics of the market where they operate. It then concentrates on why the market should be regulated by drawing on the literature on civil-military relations and democratic control over the use of force. Finally, it focuses on how to regulate, analysing the potential of a combined approach based on legal regulation, market incentives, and strengthened self-regulation. It looks at the challenges and opportunities for regulation at the national, international, and EU level.
Yingyi Qian
- Published in print:
- 2017
- Published Online:
- May 2018
- ISBN:
- 9780262534246
- eISBN:
- 9780262342728
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262534246.003.0009
- Subject:
- Economics and Finance, International
We advance a new perspective in the study of federalism. Our approach views federalism as a governance solution of the state to credibly preserving market incentives. Market incentives are preserved ...
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We advance a new perspective in the study of federalism. Our approach views federalism as a governance solution of the state to credibly preserving market incentives. Market incentives are preserved if the state is credibly prevented from compromising on future economic success and from bailing out future failures. The salient features of federalism — decentralization of information and authority and inter-jurisdiction competition — help provide credible commitment for these purposes. In addition, we discuss factors relevant for sustaining federalism.Less
We advance a new perspective in the study of federalism. Our approach views federalism as a governance solution of the state to credibly preserving market incentives. Market incentives are preserved if the state is credibly prevented from compromising on future economic success and from bailing out future failures. The salient features of federalism — decentralization of information and authority and inter-jurisdiction competition — help provide credible commitment for these purposes. In addition, we discuss factors relevant for sustaining federalism.
Eric T. Freyfogle
- Published in print:
- 2017
- Published Online:
- May 2018
- ISBN:
- 9780226326399
- eISBN:
- 9780226326429
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226326429.003.0008
- Subject:
- Environmental Science, Environmental Studies
The capitalist market embodies and accentuates key elements of modern culture: it endorses human exceptionalism, treats people as autonomous individuals, discounts the future, fragments and ...
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The capitalist market embodies and accentuates key elements of modern culture: it endorses human exceptionalism, treats people as autonomous individuals, discounts the future, fragments and commodifies nature’s parts, overlooking ecological interconnections and most life forms; denies human ignorance and sensory limits, strips market participants of moral responsibility, and equates normative goodness with the satisfaction of individual preferences, By rewarding aggression and risk-taking the market provides incentives to misuse nature and by dividing people into their individual roles saps the community as such of power. This system needs reform, not because markets are inherently destructive, but because of the ways today’s market capitalism entrenches these cultural attitudes. Reform of the economy is thus not rightly thought about as a separate undertaking (as a push for a new economy); it must be part of a larger campaign of cultural change. The chapter ends by noting how the campaign for such cultural reform will bear little resemblance to the ongoing push for gay rights or marriage equality—a typical civil right campaign that sought change in one aspect of modern culture while leaving the vast bulk of it unaltered, including all elements relating to humans and nature. Less
The capitalist market embodies and accentuates key elements of modern culture: it endorses human exceptionalism, treats people as autonomous individuals, discounts the future, fragments and commodifies nature’s parts, overlooking ecological interconnections and most life forms; denies human ignorance and sensory limits, strips market participants of moral responsibility, and equates normative goodness with the satisfaction of individual preferences, By rewarding aggression and risk-taking the market provides incentives to misuse nature and by dividing people into their individual roles saps the community as such of power. This system needs reform, not because markets are inherently destructive, but because of the ways today’s market capitalism entrenches these cultural attitudes. Reform of the economy is thus not rightly thought about as a separate undertaking (as a push for a new economy); it must be part of a larger campaign of cultural change. The chapter ends by noting how the campaign for such cultural reform will bear little resemblance to the ongoing push for gay rights or marriage equality—a typical civil right campaign that sought change in one aspect of modern culture while leaving the vast bulk of it unaltered, including all elements relating to humans and nature.
John A. Mathews
- Published in print:
- 2014
- Published Online:
- May 2015
- ISBN:
- 9780804791502
- eISBN:
- 9780804793162
- Item type:
- chapter
- Publisher:
- Stanford University Press
- DOI:
- 10.11126/stanford/9780804791502.003.0007
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Part III draws the threads together to discuss the emergence of this new model of “green development”, or green growth capitalism. Chapter Seven is concerned with the process of transition itself, ...
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Part III draws the threads together to discuss the emergence of this new model of “green development”, or green growth capitalism. Chapter Seven is concerned with the process of transition itself, emphasizing the barriers and difficulties encountered by any change on the scale of the new greening trajectory. The greening of markets for energy, commodities and capital can be expected to propagate to encompass the entire economy, through multiple inter-firm connections and driven by competitive forces. Green products will call for new value chains that will propagate via intermediate suppliers and aggregators back to ultimate commodity suppliers, where the greening of commodity markets will exert their effects downstream. The barriers that stand in the way of this emergent system are formidable, from the protection of vested interests and continuation of subsidies to fossil fuels, to the clash of sectional interests. Ultimately it is strong states that drive fundamental change.Less
Part III draws the threads together to discuss the emergence of this new model of “green development”, or green growth capitalism. Chapter Seven is concerned with the process of transition itself, emphasizing the barriers and difficulties encountered by any change on the scale of the new greening trajectory. The greening of markets for energy, commodities and capital can be expected to propagate to encompass the entire economy, through multiple inter-firm connections and driven by competitive forces. Green products will call for new value chains that will propagate via intermediate suppliers and aggregators back to ultimate commodity suppliers, where the greening of commodity markets will exert their effects downstream. The barriers that stand in the way of this emergent system are formidable, from the protection of vested interests and continuation of subsidies to fossil fuels, to the clash of sectional interests. Ultimately it is strong states that drive fundamental change.
J. W. Harris
- Published in print:
- 2002
- Published Online:
- January 2010
- ISBN:
- 9780199251407
- eISBN:
- 9780191681998
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199251407.001.0001
- Subject:
- Law, Philosophy of Law
When philosophers put forward claims for or against ‘property’, it is often unclear whether they are talking about the same thing that lawyers mean by ‘property’. Likewise, when lawyers appeal to ...
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When philosophers put forward claims for or against ‘property’, it is often unclear whether they are talking about the same thing that lawyers mean by ‘property’. Likewise, when lawyers appeal to ‘justice’ in interpreting or criticizing legal rules we do not know if they have in mind something that philosophers would recognize as ‘justice’. Bridging the gulf between juristic writing on property and speculations about it appearing in the tradition of western political philosophy, the author has built from entirely new foundations an analytical framework for understanding the nature of property and its connection with justice. This book ranges over natural property rights; property as a prerequisite of freedom; incentives and markets; demands for equality of resources; property as domination; property and basic needs; and the question of whether property should be extended to information and human bodily parts. It maintains that property institutions deal both with the use of things and the allocation of wealth, and that everyone has a ‘right’ that society should provide such an institution.Less
When philosophers put forward claims for or against ‘property’, it is often unclear whether they are talking about the same thing that lawyers mean by ‘property’. Likewise, when lawyers appeal to ‘justice’ in interpreting or criticizing legal rules we do not know if they have in mind something that philosophers would recognize as ‘justice’. Bridging the gulf between juristic writing on property and speculations about it appearing in the tradition of western political philosophy, the author has built from entirely new foundations an analytical framework for understanding the nature of property and its connection with justice. This book ranges over natural property rights; property as a prerequisite of freedom; incentives and markets; demands for equality of resources; property as domination; property and basic needs; and the question of whether property should be extended to information and human bodily parts. It maintains that property institutions deal both with the use of things and the allocation of wealth, and that everyone has a ‘right’ that society should provide such an institution.
- Published in print:
- 2009
- Published Online:
- June 2013
- ISBN:
- 9780804760218
- eISBN:
- 9780804771221
- Item type:
- chapter
- Publisher:
- Stanford University Press
- DOI:
- 10.11126/stanford/9780804760218.003.0007
- Subject:
- Sociology, Social Theory
This chapter argues that norms do not exist in a vacuum, but, rather, operate side by side with government penalties and market incentives. Norms are often overlooked as a source of solutions to ...
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This chapter argues that norms do not exist in a vacuum, but, rather, operate side by side with government penalties and market incentives. Norms are often overlooked as a source of solutions to social problems, however. Further, policy interventions based on governments or markets may have unintended effects on norms. The chapter describes one way of thinking about the relation between norms and law and between norms and markets, and describes an experimental test of the predictions regarding the effect of a strong legal system on social relations. It cites an example of how recognizing the power of social norms might affect the way people think about policy, focusing in particular on education.Less
This chapter argues that norms do not exist in a vacuum, but, rather, operate side by side with government penalties and market incentives. Norms are often overlooked as a source of solutions to social problems, however. Further, policy interventions based on governments or markets may have unintended effects on norms. The chapter describes one way of thinking about the relation between norms and law and between norms and markets, and describes an experimental test of the predictions regarding the effect of a strong legal system on social relations. It cites an example of how recognizing the power of social norms might affect the way people think about policy, focusing in particular on education.
