Abstract
This chapter discusses the way in which economics is applied to environmental issues. It starts with describing how environmental pollution is viewed by economists as an externality. Subsequently, the chapter outlines a variety of instruments that internalise environmental externalities, particularly focusing on environmental liability rules, regulation and market-based instruments. The discussion pays specific attention to the limitations of the economic approach to environmental problems. The contribution concludes by explaining how the economic approach can be employed by environmental lawyers wishing to engage with it.
| Original language | English |
|---|---|
| Title of host publication | Non-doctrinal Research Methods in Environmental Law |
| Editors | Paul Martin, Solange Teles da Silva, Marcia Leuzinger, Miriam Verbeek, Andrew Lawson |
| Place of Publication | Cheltenham / Northampton |
| Publisher | Edward Elgar Publishing |
| Chapter | 5 |
| Pages | 82-96 |
| Number of pages | 15 |
| ISBN (Electronic) | 9781803922768 |
| ISBN (Print) | 9781803922751 |
| DOIs | |
| Publication status | Published - 12 Sept 2023 |
Keywords
- externality
- liability
- Regulation 883/2004
- market-based instruments
- efficiency