Economic Instruments and the Environment: Can Natural Resources be Maneged Exclusively by the Market?

Abstract

The advent of industrial economies coincides with the emergence of the economy as an autonomous discipline and with the question, not hitherto placed on the “value of nature”. As the basis of any theory of the first economists was the statement that every "value" is the work of man, was a fragile theoretical nature of the classics, since this is not the result of human labor. So, to circumvent the problem of fixing the "values​​" intrinsic to nature, environmental economics, in its most widespread version, part of the statement that assigns what is "value" is not exactly the environment or environmental resources but people's preferences in relation to changes in quality or quantity supplied of natural resource. The idea of ​​transaction rights on the environment (in fact, the right to pollute) found resonance in the United States with "certified environmental" measures to better control pollution. They are traded for several polluting companies that can, in turn, trade them in the market for environmental permits. Remember that in any arrangement in which disputing parties settle in reaction conditions supposedly equal, makes a big difference the presence of those more able to lobby and power to influence public opinion. It is seen, even with the refinement that achieves economic analysis by incorporating as legitimate rights of non pollution, yet there is no guarantee the order of environmental damage if the whole issue be restricted to the context of the economic approach simply.