Abstract
In addressing environmental issues, the comparative advantage of economists has led them to emphasize efficiency issues, which yield more readily to economic calculus than do equity issues, which fall among the thickets of interpersonal comparisons and value systems. The difficulty in sorting out equity and efficiency issues is comounded in a hierarchical, pluralistic structure like that of the US with conflicting lines of authority at the federal, state, metropolitan, and local levels. Consequently, we have not developed a coherent national policy on certain critical problems, such as the siting of hazardous facilities and the establishment of property rights in environmental resources.
Highlights
In addressing environmental issues, the comparative advantage of econo mists has led them to emphasize efficiency issues, which yield more readily to economic calculus than do equity issues, which fall among the thickets of in terpersonal comparisons and value systems
Failure to solve the problems of siting hazardous facilities, such as nuclear plants and toxic waste repositories, has become even more serious as we move into an era of growing emphasis upon military build-up and energy self-suffi ciency, both of which will require construction of facilities and storage of waste
The estimated multi-billion dollar cost of financing a superfund to clean up the sites of previously discharged toxic wastes is partial evidence of the high cost of delayed planning
Summary
The comparative advantage of econo mists has led them to emphasize efficiency issues, which yield more readily to economic calculus than do equity issues, which fall among the thickets of in terpersonal comparisons and value systems. The difficulty of sorting out equity and efficiency issues is compounded in a hierarchical, pluralistic struc ture like that of the U.S with conflicting lines of authority at the federal, state, metropolitan, and local levels. We have not developed a coherent national policy on certain critical problems, such as the siting of hazardous faeilities and the establishment of property rights in environmental resources. The goals of the new administration to reduce federal regulation, return en vironmental administration to the states and place heavy reliance upon market decisions offer additional reason for re-examining decision making processes and procedures at this time. The problem is one of identifying opportunities for Pareto improvements. In examining these objeetives, this paper will coneentrate on the examples of siting hazardous faeilities and of marketing emission permits. Gates, who generously offered advice and comments on an earlier draft of the paper, but who bears no responsibility for remaining shortcomings
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