Abstract
Abstract All environmental standards, however implemented, impose costs on the regulated party. This is true of emission or ambient quality standards, environmental taxes, tradable emission permits, and standards based on the ‘best available technology’. Not surprisingly, there fore, all environmental regulation is, to a greater or lesser degree, the outcome of some political balancing of costs and benefits. Part, at least, of the initial cost is passed on to final consumers (the extent depends on the price elasticity of demand), which is consistent with the polluter pays principle (OECD, 1975). The costs of regulation are therefore borne by society as a whole.
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