Abstract
The environment provides a flow of goods and services: (a) materials and energy; (b) space for production and recreation; (c) enjoyment of the ‘natural world’; (d) a ‘sink’ for waste products. But natural resources are finite; ‘scarcity’ means that the way we use them involves an ‘opportunity cost’; e.g. dumping chemicals can destroy land for agriculture. Thus conservation and the control of pollution are essential. Because the pure market economy reflects private costs and benefits, government action is necessary to allow for externalities and the limited time‐horizon of individuals when using natural resources, especially those which are non‐renewable. Policy is wide‐ranging ‐ e.g. green belts, national parks, animal and bird protection, preservation of historical buildings ‐ and provides for both renewable and non‐renewable resources.
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